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.
* LEAN HOGS - Seen steady to down 0.300 cent per lb.
* Potential follow-through selling and Friday’s weak cash prices might weigh on CME lean hogs at the start, traders said.
* Friday afternoon’s average hog price in the Iowa/Minnesota market was down 68 cents per cwt from Wednesday at $86.00, according to the USDA.
* A few processors carried over a few hogs bought last week, but fewer animals may be available ahead as seasonally colder temperatures slowdown hog weight gains, they said.
* Packers might reduce costs for hams after grocers bought most of what they need to feature during the remaining winter holidays, an analyst said.
* Separate government data showed Friday afternoon’s wholesale pork price was up 35 cents per cwt from Wednesday to $93.14. (Reporting by Theopolis Waters in Chicago; Editing by Chizu Nomiyama)