CME live cattle futures slip on profit-taking

Tue Jun 10, 2014 9:45am EDT

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June 10 (Reuters) - Chicago Mercantile Exchange live cattle
futures on Tuesday turned lower, pressured by profit-taking
after Monday's upswing said.
    * Uncertainty regarding this week's prices for market-ready,
or cash, cattle kept futures buyers on the defensive, they said.
    
    * At 8:32 a.m. CDT (1332 GMT), June was down 0.325
cent to 142.500 cents. August slipped 0.425 cent to
142.850 cents.
    * Futures remained at a discount to cash cattle prices last
week, which limited losses on Tuesday, a trader said.
    * In anticipation of a long-awaited seasonal increase in
supplies, packers may continue to cut kills which is pushing up
wholesale beef values, an analyst said.
    * However, processors squeezed by tight supplies may be
forced to pay at least steady money for cattle to make good on
pre-negotiated beef orders, he said.
    * Last week, cash cattle in Texas and Kansas moved at $145
per hundredweight (cwt), and $146 in Nebraska, feedlot sources
said.
    
    * FEEDER CATTLE - August dropped 0.925 cent per lb to
202.600, September slid 0.725 cent to 203.150.
    * Weak CME live cattle and profit-taking undercut feeder
cattle futures.
    
    * LEAN HOGS - June was up 0.825 cent per lb at
115.175 cents, and July gained 0.375 cent at 126.325
cents.
    * CME hogs drew support from Monday's higher cash hog and
wholesale pork prices, traders said.
    * Tight supplies have put packers in a bind as they buy hogs
for the rest of this week's production, a trader said.
    * Grocers appear to be purchasing pork in preparation for 
the summer grilling season, he said.
    * JBS and union employees at the company's
Worthington, Minn. hog plant have inked a five-year agreement,
averting a potential strike at the facility, analysts said. 

 (Reporting by Theopolis Waters in Chicago Editing by W Simon)
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