CME live cattle seen opening flat-firm, hogs weaker
Dec 1(Reuters) - Chicago Mercantile Exchange live cattle are expected to open flat to up slightly on Monday, supported by their discounts to last week's prices for market-ready or cash cattle, traders said.
* Last week, cash cattle in the U.S. Plains moved at mostly $172 to $173 per hundredweight (cwt), which was consistent with most prices the week before, feedlot sources said.
* Packers needed cattle for post-Thanksgiving holiday production, but their poor markets limited how much they spent for supplies.
* Cash cattle prices tend to decline seasonally after Thanksgiving but rebound near the middle of December, analysts and traders said.
* Investors on Monday will wait for feedlots to tally the number of animals available for sale this week as grocers focus on promoting beef after the holiday.
* Friday afternoon's choice wholesale beef price was up 27 cents per cwt from Wednesday in light volume to $257.40. Select rose $1.85 cents to $245.85, the U.S. Department of Agriculture said.
* FEEDER CATTLE - Called steady to up 0.300 cent per lb.
* CME feeder cattle may draw support from softer corn prices and futures' discounts to the exchange's feeder cattle index for Nov. 27 at 240.000 cents. Continued...