CME live cattle futures seen opening firm; hogs mixed

Mon Nov 17, 2014 9:34am EST
 
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Nov 17 (Reuters) - Chicago Mercantile Exchange live cattle futures are expected to open firm on Monday, supported by follow-through buying led by Friday's record-high cash prices, traders said.

* Last week, some market-ready, or cash, cattle in the U.S. Plains sold for $172 per hundredweight (cwt), which was up as much as $5 from the week before and topped the October record of $170.

* Despite their poor margins and tepid wholesale beef demand, packers needed cattle after buying fewer in recent weeks.

* Tyson Foods Inc the largest U.S. meat processor, on Monday said its quarterly profit nearly halved as beef sales fell.

* Early wintry weather last week disrupted livestock production in the U.S. Plains, which sent cattle prices in the region to an all-time high.

* Investors await this week's cash cattle trade while tracking weight gains for cattle that could slow down as another blast of Arctic air grips the Midwest.

* Potential profit-taking after last week's market rally could later limit CME live cattle futures' advances or land some contracts in negative territory, traders and analysts said.

* FEEDER CATTLE - Called 0.300 cent per lb higher to 0.300 cent lower.   Continued...