CME live cattle, hog futures seen opening mixed
Nov 24(Reuters) - Chicago Mercantile Exchange live cattle futures are expected to open mixed on Monday, traders said.
* December futures may draw support from Friday's steady-to-higher prices for market-ready or cash cattle.
* Last Friday, cash cattle in the U.S. Plains moved at mostly $172 to $173 per hundredweight (cwt), with a few up to $174, feedlot sources said. That compared to the previous week's record high of $172.
* Packers needed supplies despite buying for an abbreviated week due to the Thanksgiving holiday on Thursday.
* Friday's U.S. Department of Agriculture mildly bearish monthly Cattle-On-Feed results may stir bull spreads, which consist of traders selling February futures and simultaneously buying December, traders and analysts said.
* USDA's report on Friday showed the number of cattle placed in U.S. feedlots in October declined versus last year, but not by as much as expected.
* Separate government cold storage data on Friday put October total beef stocks at 374.9 million lbs, up slightly from September but down 15 percent from a year ago.
* Last month's beef storage outcome is somewhat positive because it continues to reflect tight supplies, analysts said.
* CME livestock futures could trade in choppy fashion as investors work positions ahead of what for some will be an extended holiday vacation, they said. Continued...