CHICAGO Oct 17 Chicago Mercantile Exchange live
cattle contracts began the week with more gains, supported
by follow-buying from last Friday's short-covering and
chart-related rally that snapped future's six-session losing
skid, said traders.
* At 09:30 a.m. CDT (1430 GMT) October was 1.500
cents per pound higher at 97.400 cents, and December
1.450 cents higher at 98.900 cents.
* Investors await prices later this week for
slaughter-ready, or cash, cattle while monitoring beef sales
midway through October Pork Month.
* Market participants wait to see if beef demand on the East
Coast can rebound as residents in the region recover from
* Last week, the bulk of cash cattle in the U.S. Plains
brought $97 to $98 per cwt, down from $101 to $103 the week
* There were no new deliveries reported by the CME late on
Friday against the October live cattle contract that is set to
expire on Oct. 31.
FEEDER CATTLE - October was 1.425 cents per pound
higher at 121.800 cents, on residual buying and further live
cattle market advances.
LEAN HOGS - December was down 0.425 cent per pound
to 41.800 cents, and February 0.200 cent lower at 50.075
* CME lean hogs began the week at a 12-year in choppy
trading, with December the new spot month after the October
contract expired last Friday.
* Investors are waiting to see how soon Smithfield Foods'
hog plants in the southeastern United States idled by
Hurricane Matthew can return to normal operations.
* USDA estimated last week's hog slaughter at 2.304 million
head, down 4.9 percent from the week before that yielded 4.7
percent less pork.
* East Coast plants should clean up the backlog of hogs as
they resume full production, but that could pump more meat into
the pipeline which may hurt wholesale pork prices, a trader
* Friday's higher wholesale pork values and futures'
discounts to CME's hog index for Oct. 13 at 52.54 cents provided
periodic market support.
* Speculative buyers are eying CME lean hogs' relative
strength index (RSI) that at the close of business last Friday
was 22. An RSI below 30 suggests a market is technically
oversold and subject to an upward adjustment soon.
(Reporting by Theopolis Waters in Chicago)