October 11, 2017 / 9:40 PM / 9 months ago

LIVESTOCK-Hogs rise on stronger cash markets; cattle about flat

    By Michael Hirtzer
    CHICAGO, Oct 11 (Reuters) - Chicago Mercantile Exchange lean
hogs         climbed for the second straight session on
Wednesday, buoyed by short-covering and rising cash hog prices,
traders and analysts said.
    Live cattle         and feeder cattle futures         each
were little-changed in relatively light-volume trading in
livestock futures ahead of a U.S. Department of Agriculture
monthly grain supply and demand report due on Thursday.
    Traders continued to close out positions in October hog
futures       . The contract settled up 1.075 cents at 61.250
cents per pound, gaining on most-active December hogs       ,
which finished 0.950 cent higher at 62.500 cents.
    Hogs in the top cash market of Iowa and southern Minnesota
were 70 cents higher to $56.10 per cwt, according to U.S.
Department of Agriculture, suggesting pork packers needed hogs
despite abundant U.S. supplies.
    CME December live cattle        settled 0.275 cent lower at
118.525 cents per pound, easing slightly after earlier hitting a
more than two-month high of 119.175 cents.
    CME November feeder cattle        finished 0.475 cent lower
at 155.675 cents per pound, weakening after failing to surpass
Wednesday's multiweek high of 156.975.
    Analysts polled by Reuters expected the USDA on Thursday to
raise its estimates of U.S. corn yields and production. 
    Corn futures        dropped to a one-week low ahead of the
report and the December contract       was hovering just above
its Aug. 31 contract low of $3.44-1/4 per bushel.
    Cattle futures typically rise when prices for corn feed
decline but traders were awaiting the fresh USDA data before
taking new long cattle positions, said CHS Hedging analyst Steve
    "(Traders) are kind of holding their breath before the
report," Wagner said.
    No cattle sales were reported at the online Feeder Cattle
Exchange, where 1,444 animals were offered in the weekly
auction, according to its website.

 (Reporting by Michael Hirtzer in Chicago)
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