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CME live cattle futures narrowly weak in light holiday trade
December 24, 2012 / 2:51 PM / 5 years ago

CME live cattle futures narrowly weak in light holiday trade

Dec 24 (Reuters) - 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
plants.
    * 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
cent.
    * 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
period.

 (Reporting by Theopolis Waters in Chicago; Editing by Grant
McCool)

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