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CME live cattle grind lower; hogs turn higher
November 7, 2016 / 3:13 PM / a year ago

CME live cattle grind lower; hogs turn higher

CHICAGO, Nov 7 (Reuters) - Chicago Mercantile Exchange live cattle futures’ losses late last week spilled over into Monday, on technical selling and caution ahead of cash prices later this week, said traders.

* At 09:11 a.m. CDT (1511 GMT) December was down 0.100 cent per pound to 102.625 cents. February was 0.525 cent lower at 103.775 cents, and under the 40-day moving average of 103.89 cents.

* Last week slaughter-ready, or cash, cattle in the U.S. Plains brought $102 to $105 per cwt, compared to $104 to $105 the week before.

* Cash prices fell short of investor expectations given the recent bump in wholesale beef demand, less cattle for sale than a week earlier and up to $106 per cwt sales at last Wednesday’s Fed Cattle Exchange (FCE).

* Market participants await this Wednesday’s FCE sales while tracking demand for wholesale beef as it competes with ham and turkey for the winter holidays.

* For the week ending Nov. 5, packers processed 7.4 percent more cattle than last year that yielded 7.1 percent more beef, according to U.S. Department of Agriculture data.

FEEDER CATTLE - November was down 0.750 cent per pound to 124.875 cents, on technical selling and more live cattle market weakness.

LEAN HOGS - December was 0.575 cent per pound higher at 46.725 cents, and February was 0.500 cent higher at 53.475 cents.

* CME hogs turned higher on short-covering and futures’ discounts to the exchange’s hog index for Nov. 3 at 51.09 cents, said traders.

* They said Friday’s soft cash and wholesale pork prices, dragged down by burdensome supplies, slowed market advances.

* USDA reported Friday afternoon’s average cash hog price in Iowa/Minnesota at $44.11 per cwt, down 54 cents from Thursday.

* The afternoon wholesale pork price on Friday slipped 7 cents per cwt from Thursday to $73.34, the USDA said.

* The U.S. government estimated last week’s hog slaughter at a record 2.532 million head. It bested the previous top of 2.524 million head two weeks ago.

* On average, live-basis hogs in the U.S. last week weighed 282 pounds, up 1.0 pound from a year ago, according to USDA estimates. (Reporting by Theopolis Waters in Chicago)

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