CME cattle firm on beef quotes, exports; equities weigh

June 1 (Reuters) - CME live cattle futures gained early
Friday on strong wholesale beef prices and solid beef exports,
at times shrugging off the stock market battered by
disappointing U.S. jobs data and European debt crisis worries.
* Live cattle traders cited futures' ongoing compared with
recent cash cattle prices as a supportive market feature.
* "It's a commodity selloff with the crummy employment
report," an analyst said.
* "But cattle should recover from this because of the export
figure and I expect a fully steady cash market because of beef
demand," he said.
* USDA reported weekly beef export sales at 20,300 tonnes,
mostly to Japan, compared with 14,400 last week. It was the
biggest net sales figure since 20,800 on May 10.
* Hogs traded mixed featuring profit taking and higher cash
hog values.

LIVE CATTLE - At 8:45 a.m. CDT (1345 GMT), June was
up 0.500 cent at 117.600 cents per lb, with August up
0.225 cent at 119.125 cents.
* Those with a bullish cash market view cited
better-than-expected wholesale beef demand as retailers restock
meat cases for post-Memorial holiday grilling.
* Market bulls also contend profitable operating margins
might compel packers to pay at least steady prices for cattle.

* Investors wait for the bulk of cattle in the cash market
to change hands.
* A handful of live-basis cattle in Nebraska on Thursday
traded $1 to $2 per cwt lower than last week at $121 per cwt,
said industry sources. Cattle on a dressed basis there moved at
$194 to $195, which was steady to $1 higher, sources said.
* Packer bids in Texas and Kansas stood at $118 to $119
versus $122 to $123 prices from feedlots. No trades were
reported in either state.

FEEDER CATTLE - August was up 0.025 cent at 156.825
cents per lb. September gained 0.150 cent to 158.225
cents.
* Feeder cattle were lifted by modest live cattle futures
advances.

LEAN HOGS - June was down 0.025 cent at 89.775 cents
per lb, with July up 0.075 cent to 91.075 cents.

* Futures were pressured by profit taking and sentiment that
Thursday's limit-up move was overdone.
* On the other hand, higher wholesale pork and cash hog
prices attracted buyers.

(Reporting by Theopolis Waters in Chicago)