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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,
* 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
* Some packers raised bids for remaining animals there and
elsewhere in the U.S. Plains from $116 to $119 against $122
* 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
* 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
* 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
(Reporting by Theopolis Waters in Chicago)
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