October 14, 2016 / 2:02 PM / a year ago

CME live cattle futures turn higher; hogs weaker

CHICAGO, Oct 14 (Reuters) - CME Mercantile Exchange live cattle futures turned higher on Friday, helped by short-covering and bargain buying after futures racked up six straight sessions of losses, said traders.

* At 08:57 a.m. CDT (1357 GMT) October was 1.000 cent per pound higher at 95.450 cents, and December 1.000 cent higher at 97.175 cents.

* Traders said this week’s disappointing cash prices, due to plentiful cattle and beef supplies, contributed to the market’s recent bearish mood.

* One processor may have been offline on Thursday for scheduled maintenance, which reduced their need for cattle, an analyst said.

* This week packers paid mostly $97 to $98 per cwt for slaughter-ready, or cash, cattle that a week earlier sold for $101 to $103, said feedlot sources.

* The U.S. Department of Agriculture estimated Thursday’s slaughter at 110,000 head, compared to 114,000 on Wednesday and 115,000 on Tuesday.

* There were no new deliveries reported by the CME late on Thursday.

* On Friday, the USDA’s export report for the week ended Oct. 6 showed U.S. beef sales at 12,600 tonnes, mainly to Hong Kong, compared to the prior week’s sale at 17,500 tonnes.

FEEDER CATTLE - October was 1.200 cents per pound higher at 120.650 cents, on short-covering and live cattle market turnaround.

LEAN HOGS - October, which will expire at noon CDT (1700 GMT), was down 0.050 cent per pound to 52.575 cents. Most-actively traded December was 0.750 cent lower at 43.425 cents, and February down 0.200 cent to 51.000 cents.

* CME October lean hogs was guided by its proximity to the exchange’s hog index for Oct. 12 at 52.76 cents, said traders.

* They said other contracts felt pressure from profit-taking after three days of gains, helped by the recent uptick in cash prices as packers prepare for a huge Saturday slaughter.

* Midwest hog merchants predict a Saturday kill close to 320,000 head. That could include Smithfield Foods’ East Coast plants that will try to make up downtime due to Hurricane Matthew.

* Last Saturday’s U.S. hog slaughter totaled 236,000 head, according to USDA estimates.

* Friday’s USDA export report showed U.S. pork sales at 18,000 tonnes, mainly to South Korea, compared to 21,300 in the previous week. (Reporting by Theopolis Waters in Chicago)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below