* U.S. Plains cash cattle trade higher, lift futures
* All live and feeder cattle contracts post new highs
* Lean hogs rally on higher cash markets, firmer pork
By Karl Plume
CHICAGO, April 27 Chicago Mercantile Exchange
live cattle surged to contract highs on Thursday and
closed up the daily limit in most contacts on
stronger-than-expected cash markets and robust demand for beef,
The front-month contract hit a 13-month peak as the
market closed higher for the fifteenth time in 16 sessions.
April futures , which expire on Friday, closed 2.200
cents per pound higher at 135.600 cents while actively-traded
June ended 3.000 cents higher at 121.525 cents.
June though April 2018 contracts all closed up the daily
3-cent limit, triggering expanded limits of 4.5 cents for
Friday's session. The expiring April contract's limit will
remain at 5 cents.
Feedlot cattle in the U.S. Plains traded $4 to $6 per cwt
higher than a week ago amid smaller showlists and strong demand
for beef, traders said. Grocers and restaurants are stocking up
for Mother's Day promotions, which is expected to support
wholesale beef values, they said.
"They (packers) need them and that's why they're out there
paying up for these fat cattle. The cash is king this week,"
said Domenic Varricchio, a broker with Schwieterman Inc.
Thursday's average wholesale choice beef price was 3 cents
per cwt lower at $219.15 from Tuesday but select cuts jumped 96
cents to $206.68, the U.S. Department of Agriculture said.
CME feeder cattle followed live cattle higher as all
traded months posted fresh contract highs and May through
November closed up their daily 4.500-cents price limit.
Trading limits will be expanded t0 6.750 cents on Friday,
per contract guidelines.
April feeder cattle , set to expire on Friday, ended
1 cent per pound higher at 140.850 cents. May closed up
4.500 cents at 146.575 cents.
CME lean hogs were lifted by short-covering and fund buying
amid higher cash and wholesale pork prices.
Cash hogs in the closely-followed Iowa and Minnesota direct
markets traded $1.18 per cwt higher while the wholesale cash
pork cutout value gained 18 cents to $73.65 per cwt, the USDA
May lean hog futures closed 2.225 cents per pound
higher at 66.900 cents. Most-actively traded June ended
2.075 cents higher at 72.825 cents.
(Reporting by Karl Plume; Editing by Marguerita Choy)