September 22, 2017 / 10:31 PM / 10 months ago

LIVESTOCK-Cattle hit 1-month high ahead of USDA data, hogs extend losses

    By Michael Hirtzer
    CHICAGO, Sept 22 (Reuters) - U.S. live cattle futures
        jumped to the highest levels in over a month on Friday,
lifted by technical buying and expectations for bullish
government supply data that was due after the close of trading.
    The U.S. Department of Agriculture's (USDA) Cattle and Feed
report, however, was deemed bearish by analysts, and that could
pressure futures come Monday. 
    Chicago Mercantile Exchange October live cattle        rose
1.475 cents to 111.575 cents per pound while the most-active
December contract        was up 1.225 cents to 117.425 cents.
    CME October feeder cattle        were up 0.225 cent to
156.100 cents per pound.
    The trading session finished less than an hour before the
USDA said ranchers placed 1.93 million cattle in U.S. feedlots
in August. That was an 3 percent increase over August 2016, when
analysts had predicted a decrease of nearly 3 percent.
    "It's a negative report ... and most negative for the
February and April time slots," said U.S. Commodities analyst
Don Roose, adding that futures could open on Monday 0.500 to
1.000 cent lower.             
    In a separate monthly cold storage report, USDA said 476.26
million pounds of beef were in storage as of Aug. 31. That is up
from 431.84 million pounds at the end of July and topped
estimates from a few analysts for 426.5 million pounds.
    Pork in cold storage totaled 575.681 million pounds, up from
554.854 million pounds at the end of July and was just above
estimates for 573.5 million pounds.
    CME lean hog futures         extended their decline under
pressure from abundant U.S. supplies and weakening wholesale
pork prices amid record-high slaughter rates.
    Front-month CME October hogs        sank to a lifetime low
for the second straight session, finishing 1.625 cents lower at
55.700 cents per pound. Most-active December hogs        were
down 1.175 cents at 56.625 cents per pound.

 (Reporting by Michael Hirtzer in Chicago, editing by G Crosse)
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