November 17, 2014 / 2:38 PM / in 4 years

CME live cattle futures seen opening firm; hogs mixed

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.

* CME November feeder cattle could garner support from live cattle market buying, but profit-taking could weigh on back months.

* LEAN HOGS - Seen up 0.200 to down 0.200 cent per lb.

* Last Friday’s mixed, rather than lower, cash prices and continued fund buying might support CME lean hog contracts, traders said.

* CME hogs could feel pressure from profit-taking as farmers bring more of them to market to avoid lower cash prices prior to plant closures for the Thanksgiving holiday, they said. (Reporting by Theopolis Waters in Chicago; Editing by Lisa Von Ahn)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below