June 9, 2017 / 7:47 PM / a year ago

LIVESTOCK-CME live cattle futures end weaker, hogs firmer

    By Theopolis Waters
    CHICAGO, June 9 (Reuters) - Chicago Mercantile Exchange live
cattle contracts were weakened Friday by profit-taking and
investor caution as they await the bulk of this week's cash
cattle sales, said traders.
    Futures discounts to initial cash prices limited market
losses, they said.
    June         closed down 0.125 cent per pound to 131.250
cents, and August         down 0.175 cent at 123.850 cents.
    Nebraska's market-ready, or cash, cattle on Friday sold
lightly at $136 to $136.50 cents, steady to $1.50 lower than a
week ago there, said feedlot sources.
    They said packer bids for other cattle in the U.S. Plains
were $134 to $135 per cwt against $140 to $142 asking prices. 
    A few animals at Thursday's Fed Cattle Exchange, on average,
brought $136.75 per cwt. Last week's average top price at the
exchange was $132.17.
    Processors might pay steady-to-better prices for supplies
than last week as long as their margins and wholesale beef
demand hold up, an analyst said.                          
    He said tight cattle supplies emboldened feedlots to hold
out for more money for their animals.
    Beef demand is expected to diminish the closer retailers
come to finalizing Father's Day meat purchases.     
    Short-covering and this week's sharply higher cash feeder
cattle prices lifted CME feeder cattle futures.
    August feeders         ended up 0.225 cent per pound higher
at 154.175 cents.

    CME lean hogs gained for a second straight day, with the aid
of buy stops and traders that bought hog futures and
simultaneously sold live cattle contracts, said traders.
    They said Friday morning's soft cash and wholesale pork
prices capped market advances.                          
    June        , which will expire on June 14, closed 0.450
cent per pound higher at 82.475 cents. Most actively-traded July
        finished 0.500 cent higher at 82.700 cents.
    A few packers may have lowered cash bids after they bought
enough hogs for near-term production, traders and analsyts said.
    They said tightening seasonal supplies might again force
some processors to compete for hogs next week.    

 (Reporting by Theopolis Waters; Editing by Chizu Nomiyama)
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