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CME cattle trade mixed on beef quotes, equities unease
June 5, 2012 / 1:46 PM / 5 years ago

CME cattle trade mixed on beef quotes, equities unease

 June 5 (Reuters) - CME live cattle futures traded mixed
early Tuesday as steadily rising wholesale beef prices attracted
buyers who also exercised caution while watching nervous stock
market trading.	
 * Wall Street investors remained skittish amid persistent
worries about Europe's debt crisis.	
 * "I don't see any reason for cattle futures to back off," a
CME live cattle trader said.	
 * "The only worries cattle has is Europe which is keeping
people on edge," he said.	
 * Hog futures retreated on profit-taking and sentiment that
cash hog prices may be close to topping out.	
 	
 LIVE CATTLE - At 8:35 a.m. CDT (1335 GMT), June was
up 0.075 cent at 117.750 cents per lb, with August down
0.050 cent at 119.925 cents.	
 * Futures at times drew support from their price discount to
 last week's cash cattle prices.	
 * Periodic profit-taking pared gains as traders awaited this
week's cash trade. 	
 * There were no reported cash bids from packers or prices
from feedlots.	
 * "I expect at least a steady cash market based on the beef
price and profitable margins," analyst said.	
 * HedgersEdge estimated Monday's average beef packer margin
at a positive $28.00 per head versus a positive $6.90 last week.	
 * The U.S. Department of Agriculture Monday pegged wholesale
choice beef at $197.62 per cwt, up 37 cents from Friday.	
 * The CME late Monday reported no deliveries against the
June contract. 	
                  	
 FEEDER CATTLE - August was up 0.125 cent at 158.600
cents per lb. September slipped 0.100 cent to 159.575
cents.       	
 * Feeder cattle traded in line with mixed live cattle
futures.	
 	
 LEAN HOGS - June was down 0.550 cent at 90.650 cents
per lb, with July down 0.450 cent at 90.600 cents.       
  	
 * Futures weighed by profit-taking and the premium compared
with CME's latest lean hog index at 84.75 cents.	
 * Traders cited unprofitable pork packer margins and the
possibility that cash hog prices may be close to peaking.	
 * "Packers could take action to improve their margins by
cutting cash hog prices," an analyst said.	
 * "Also, the short-term void in hog marketings people have
been referring to could be coming to an end," he said.	
	
 (Reporting by Theopolis Waters in Chicago)	
 	
 

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