CME cattle mixed, firm beef supportive; hogs drop

June 15 (Reuters) - CME live cattle traded narrowly mixed early on Friday,
supported by firmer wholesale beef prices and as traders evened up positions
before the weekend.
* Hog futures fell on profit taking and sentiment the market is overbought.

LIVE CATTLE - At 8:10 a.m. CDT (1310 GMT), June was up 0.075 cent to
116.425 cents per lb, with August down 0.050 cent at 116.975 cents.
* Wholesale choice beef prices inched up on demand from grocers for
post-Father's Day grilling.
* Some short-covering is likely after futures fell sharply two days in a row
this week, an analyst said.
* Gains limited by a seasonal increase in supplies, which could further
pressure cash prices.
* Cash cattle in the Plains this week traded mostly $3 to $4 per cwt lower
than week at $118 to $119.

FEEDER CATTLE - August was up 0.250 cent at 156.450 cents per lb
with September up 0.150 cent to 157.650 cents.
* Futures higher on short-covering and tight feeder cattle supplies.

LEAN HOGS - July was down 0.625 cent at 93.900 cents per lb, with
August down 0.575 cent at 92.425 cents.
* Profit-taking ahead of the weekend despite higher cash hog and wholesale
pork prices weigh on market.
* Packers raised bids for hogs that are in short supply.
* Processors curbed slaughter pace to improve margins, which are in the red
currently.
* Wholesale pork prices higher on tight supplies after packers cut slaughter
rates to improve margins.

(Reporting by Theopolis Waters in Chicago)