Nov 11 CME live cattle futures are expected to
open weak on Monday, weighed by profit taking after last
Friday's lower wholesale beef prices, traders said.
* Friday afternoon's wholesale choice beef price was $202.79
per cwt, $1.20 lower than on Thursday. Select cuts were at
$189.74, down 43 cents, according to U.S. Department of
* Ham and turkey will be featured more by grocers leading up
to the Nov. 28 U.S. Thanksgiving Day holiday, an analyst said.
* CME live cattle may also draw pressure from last week's
lower cash cattle prices, according to analysts and traders.
* Funds that follow the Standard & Poor's Goldman Sachs
Commodity Index (S&PGSCI) will shift, or "roll," their CME live
cattle and hogs December long positions into February and April.
Monday marks the third of five days for the process.
* CME livestock markets will trade within normal hours on
Monday during the U.S. Veterans' Day holiday.
* Light trading volume on Monday could result in a choppy
session, a trader said.
LIVE CATTLE - Called 0.100 to 0.300 cent per lb lower.
* Packers last week paid $131 per cwt for cattle, down $1
from the week before, due to poor margins and slowed beef
demand, traders said.
* They said investors will await further direction from beef
demand and cash cattle prices before taking sizable long or
short positions in the market on Monday.
* FEEDER CATTLE - Seen 0.100 to 0.400 cent per lb lower.
* CME feeder cattle could take its cue from the possibly
weak live cattle market and firm corn prices. Costly corn may
discourage feedlots from buying young cattle.
LEAN HOGS - Called down 0.300 to up 0.300 cent per lb.
* CME hogs may benefit from residual buying following last
Friday's future's advances and firm wholesale pork prices,
* USDA data showed Friday afternoon's wholesale pork price,
or cutout, at $94.85 per cwt, up 79 cents from Thursday. The
cutout rise was led by the $5.05 jump in costs for pork bellies,
which are made into bacon.
* Potential profit taking and steady-to-weak prices for cash
hogs at heavier weights are pressuring market factors, the
(Reporting by Theopolis Waters in Chicago; Editing by Maureen