March 20, 2012 / 1:47 PM / 5 years ago

CME cattle, hogs drop as equities slump, dollar rises

March 20 (Reuters) - CME live cattle and hog futures trader
lower early on Tuesday as equities fell and the dollar rebounded
on concerns that economic growth in China is slowing down.	
    * Risk-off U.S. stock market investors who have assets in
other commodities are reducing their long positions in livestock
as well, an analyst said.	
    * He said the stronger dollar in general makes U.S. goods
more expensive for foreign buyers. And he pointed out that China
is an important export market for U.S. beef and pork.	
        	
    LIVE CATTLE -  At 8:35 a.m. CDT (1435 GMT), April 
down 0.200 cent per lb at 124.975 cents and June down
0.175 cent at 121.975 cents.   	
    * Spot April live cattle traders are pricing in a possible
steady to lower cash cattle price. That's based on an overall
increase in the number of cattle up for sale at over 3,500 head.	
    * There were no bids from packers for cattle or what price
feedlots are pricing their animals.  	
    * Futures traders were encouraged by Monday's wholesale beef
price bounce, but disappointed in the amount of product that
sold. 	
    * The government late Monday estimated the average price for
wholesale beef at $191.74 per cwt, up $1.83 and with a sales
volume of 136 carloads.	
   	
    FEEDER CATTLE - March down 0.275 cent at 152.675
cents per lb and April down 0.600 cent at 152.750 cents. 	
    * Futures were led lower by live cattle market declines.	
	
    LEAN HOGS - April down 0.425 cent per lb at 85.600
cents and June down 0.350 cents at 93.050 cents.       	
    * Futures moved lower with cash hog prices as processors
grapple with unprofitable margins and sluggish wholesale pork
demand.	
    * USDA estimated the average wholesale pork price on Monday
afternoon at $82.29 per cwt, down 41 cents.    	
    * The government's estimate for the average price of hogs at
the benchmark Iowa/southern Minnesota market Monday evening was
$1.56 per cwt lower at $85.72.     	
	
 (Reporting by Theopolis Waters)

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