Dec 24 CME live cattle futures are expected to
open narrowly weak in light Christmas Eve trading on Monday,
analysts and traders said.
* CME livestock markets will close at noon CST in observance
of the Christmas holiday on Dec. 25.
* Analysts viewed last Friday's USDA monthly cattle-on-feed
report as neutral to mildly bearish for futures.
* The CME late on Friday posted 14 new deliveries which may
weigh on the spot December contract. December futures is set to
expire on Dec. 31.
* Futures' premium to last week's cash cattle sales may
contribute to initial selling.
LIVE CATTLE - Seen down 0.100 to up 0.300 cent per lb.
* Cash cattle in the U.S. Plains last week moved at mostly
$126 to $126.50, up $1.50 to $2 from the week before. December
live cattle on Friday settled at 129.275 cents.
* Wintry weather passed through the northwestern Midwest
late last week, leaving several inches of snow in parts of the
region that slowed the transportation of animals to packing
* Beef processors also replenished inventories before
shutting down plants for the Christmas and New Year's holidays.
* The government showed November beef production at 2.21
billion lbs, up 3 percent from the previous year. Cattle
slaughter last month totaled 2.78 million head, down slightly
from November 2011.
* USDA put beef inventories last month at 441.0 million lbs,
up 2 percent from the previous month but down 1 percent from
last year for the same period.
FEEDER CATTLE - Called down 0.100 cent per lb lower to 0.300
* Futures may follow the possibly weak live cattle market.
LEAN HOGS - Seen 0.300 cent to 0.500 cent per lb lower.
* Packers lowered cash hog bids last Friday to recoup lost
margins, said traders and analysts.
* And, they said plant closings during back-to-back holidays
will limit packer needs for supplies in the near term.
* November pork production totaled 2.08 billion lbs, down
slightly from the previous year. Hog slaughter last month was at
10.11 million head, up 1 percent from November 2011, said USDA.
* Government data put November pork stocks at 558.0 million
lbs, a record high for the month. It was down 8 percent from the
previous month but up 13 percent from last year for the same
(Reporting by Theopolis Waters in Chicago; Editing by Grant