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LIVESTOCK-Live cattle hit 2-week high on technicals, beef demand
October 9, 2017 / 8:44 PM / 2 months ago

LIVESTOCK-Live cattle hit 2-week high on technicals, beef demand

    By Michael Hirtzer
    CHICAGO, Oct 9 (Reuters) - Chicago Mercantile Exchange live
cattle futures         climbed to a two-week high on Monday,
buoyed by technical buying and ideas that strong consumer demand
for beef would continue, traders and analysts said.
    Feeder cattle         were narrowly lower and lean hog
futures         nearly unchanged, with little fresh news to
alter the momentum for the three livestock futures contracts.
    Front-month October live cattle        gained for the third
straight session, settling up 0.400 cent to 111.425 cents per
pound. Most-active December cattle        ended unchanged at
116.925 cents.
    CME November feeder cattle        eased 0.250 cent to
155.500 cents per pound.
    "For the moment, we're following the trends from last week,"
said Steiner Consulting Group analyst Altin Kalo.
    Beef packers were paying slightly higher prices for cattle
to satisfy robust demand for the meat from retailers.
    Average beef packer margins were $141.80 per cattle, up from
$132.30 a week ago, according to HedgersEdge LLC. Margins per
hog were $35.15 by comparison, down from $45.95 a week ago.
    "The packers wouldn't have those margins if demand for beef
wasn't there," Kalo said.
    The U.S. Department of Agriculture said choice-grade
wholesale beef prices were up 91 cents to $198.13 per cwt.
           
    Wholesale pork rose 93 cents to $73.54 per cwt while cash
hogs in the top market of Iowa and southern Minnesota climbed 42
cents to $54.47 per cwt.                  
    CME October hogs        settled 0.150 cent lower to 59.025
cents per pound and most-active December hogs        up 0.025
cent to 60.950 cents.
   

 (Reporting by Michael Hirtzer in Chicago; Editing by Meredith
Mazzilli)
  

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