September 11, 2017 / 7:51 PM / 10 months ago

LIVESTOCK-Cattle, hog futures narrowly mixed on pre-USDA consolidation

    By Michael Hirtzer
    CHICAGO, Sept 11 (Reuters) - Chicago Mercantile Exchange
live cattle         and lean hog futures         were flat to
narrowly mixed on Monday as investors consolidated positions
ahead of a government livestock and crop report due on Tuesday,
traders and analysts said.
    Some live cattle contracts eked out small gains following
modestly higher sales in U.S. Plains cash cattle markets on
Friday. But futures were trading at a premium to the cash
market, limiting the potential upside.
    "The cattle futures have had a nice little bounce, but how
much do you want to lead the (cash) market by?" CHS Hedging
analyst Steve Wagner said.
    CME October live cattle        settled 0.125 cent lower to
107.200 cents per pound and December cattle        was up 0.025
cent to 112.875 cents. Cash cattle on Friday fetched about $105
per cwt, or roughly a 2-cent discount to front-month futures.
    Monday was the second of the five-day roll for investors
tracking the Standard & Poor's Goldman Sacks Commodity Index
         , in which traders rolled out of October contracts and
into December contracts.
    A monthly U.S. Department of Agriculture supply and demand
report was due at midday on Tuesday, and could provide fodder
for increased volatility for livestock and grain markets that
have moved in relatively narrow ranges so for this month.
    "The money managers are sitting on their hands waiting to
see how this plays out," Wagner said of the upcoming USDA
    USDA was likely to reduce its U.S. corn production estimate,
according to analysts polled by Reuters. 
    CME October feeder cattle futures        finished 0.925 cent
higher at 149.350 cents per pound, earlier reaching a more than
one-month high of 149.700. 
    CME October lean hogs        were down 0.575 cent to 61.575
cents per pound and December hog futures        off 0.275 cent
to 58.625 cents.
    USDA at late morning said wholesale pork prices were up
$1.44 to $83.56 per cwt while choice-grade beef prices were down
64 cents to $191.24 per cwt.                    

 (Reporting by Michael Hirtzer in Chicago; editing by Grant
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