CME live cattle futures slip on profit-taking
June 10 (Reuters) - Chicago Mercantile Exchange live cattle futures on Tuesday turned lower, pressured by profit-taking after Monday's upswing said. * Uncertainty regarding this week's prices for market-ready, or cash, cattle kept futures buyers on the defensive, they said. * At 8:32 a.m. CDT (1332 GMT), June was down 0.325 cent to 142.500 cents. August slipped 0.425 cent to 142.850 cents. * Futures remained at a discount to cash cattle prices last week, which limited losses on Tuesday, a trader said. * In anticipation of a long-awaited seasonal increase in supplies, packers may continue to cut kills which is pushing up wholesale beef values, an analyst said. * However, processors squeezed by tight supplies may be forced to pay at least steady money for cattle to make good on pre-negotiated beef orders, he said. * Last week, cash cattle in Texas and Kansas moved at $145 per hundredweight (cwt), and $146 in Nebraska, feedlot sources said. * FEEDER CATTLE - August dropped 0.925 cent per lb to 202.600, September slid 0.725 cent to 203.150. * Weak CME live cattle and profit-taking undercut feeder cattle futures. * LEAN HOGS - June was up 0.825 cent per lb at 115.175 cents, and July gained 0.375 cent at 126.325 cents. * CME hogs drew support from Monday's higher cash hog and wholesale pork prices, traders said. * Tight supplies have put packers in a bind as they buy hogs for the rest of this week's production, a trader said. * Grocers appear to be purchasing pork in preparation for the summer grilling season, he said. * JBS and union employees at the company's Worthington, Minn. hog plant have inked a five-year agreement, averting a potential strike at the facility, analysts said. (Reporting by Theopolis Waters in Chicago Editing by W Simon)
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