May 30, 2012 / 1:57 PM / 5 years ago

CME cattle drop as European worries rattle Wall St.

May 30 (Reuters) - CME live cattle futures fell early
Wednesday as players awaited this week's cash cattle trade and
watched as European debt worries rattled Wall Street investors.	
    * Hog futures fell on profit-taking and cash hog prices.	
 	
    LIVE CATTLE - At 8:45 a.m. CDT (1345 GMT), June was
down 0.650 cent at 117.200 cents per lb, with August down
0.825 cent at 118.775 cents.	
    * "Beef demand appears to be intact which is bullish," an
analyst said. 	
    * "There is nothing to be alarmed about except the outside
markets are a little squirrelly which is where we're getting the
negative vibe," he said.	
    * Traders were waiting for cattle to change hands in the
cash market amid conflicting views about the number of animals
up for sale this week. 	
    * Bullish traders expect packers to pay at least steady
prices for cash cattle to make up for the holiday-shortened
workweek.	
    * Bearish investors believe packers would lower cash bids
because of their negative margins and uncertainty about
post-Memorial Day grilling demand.	
                 	
    FEEDER CATTLE - August was down 0.800 cent at 156.775
cents per lb. September fell 0.650 cent to 158.025 cents.
      	
    * Feeder cattle followed live cattle futures lower.	
 	
    LEAN HOGS - June was down 0.250 cent at 86.100 cents 
per lb, with July down 0.575 cent at 87.100 cents.       
     	
    * Lower cash hog prices overshadowed Tuesday's firmer pork
prices as packers looked to improve their margins, a CME hog
trader said.	
    * An analyst said processors may scale back initial
expectations for a huge Saturday slaughter given their
unprofitable margins and tepid pork demand.	
	
 (Reporting by Theopolis Waters in Chicago)

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