You are here

CME live cattle, hog futures turn higher

CHICAGO, Feb 17 (Reuters) - Chicago Mercantile Exchange live
cattle climbed on Friday, paring Thursday's losses, ignited by
short-covering and futures' discounts to initial cash prices,
said traders.

* CME livestock markets will be closed on Monday in
observance of the Presidents' Day holiday.

* At 10:02 a.m. CST (1602 GMT) February was 0.925
cent per pound higher at 117.450 cents, and April up
1.050 cents to 114.300 cents.

* Early on Friday a small number of slaughter-ready, or
cash, cattle in Kansas brought $120 per cwt - steady with a week
ago.

* Some packers raised bids for remaining animals there and
elsewhere in the U.S. Plains from $116 to $119 against $122
asking prices.

* The bulk of cash cattle last week in the Plains brought
$119 to $120.50 per cwt.

* Investors believe a few processors may need to fill gaps
in inventories, which might prompt them to pay about the same
for supplies as a week ago.

* Initially, market participants thought unsold Plains'
cattle would bring less money than last week based on sufficient
supplies, poor packer profits and spotty wholesale beef demand.

* Market participants are following forecasts for moderating
temperatures across much of the Plains, which is conducive for
animal weight gain.

FEEDER CATTLE - March was up 0.275 cent per pound at
124.100 cents.

* Short-covering and live cattle future's turnaround lifted
CME feeder cattle.

LEAN HOGS - April was up 0.725 cent per pound to
70.550 cents, and May was up 0.550 cent higher at 75.250
cents.

* CME lean hogs drew strength from short-covering,
Thursday's firm cash prices and spillover live cattle futures
support, said traders.

* USDA reported Thursday afternoon's average cash hog price
in Iowa/Minnesota at $73.45 per cwt, up 17 cents from Wednesday.

* Most packers may resist raising cash bids following
Thursday's pork cutout price decline and after filling
inventories through early next week, said traders and analysts.

* U.S. government data on Thursday afternoon showed the
average wholesale pork price fell $1.06 per cwt from Wednesday
to $84.42, mostly led by $3.70 lower pork bellies.

* Midwest hog merchants expect steady cash prices on Friday.
They bumped up their Saturday kill estimate from 200,000 head to
around 210,000.

(Reporting by Theopolis Waters in Chicago)

© Copyright Thomson Reuters 2017. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Talk in Marketing

Most Recent Poll

To what extent do you feel your farm’s data is safe from hackers?