February 14, 2018 / 11:57 PM / a month ago

LIVESTOCK-Live cattle advance, anticipating firm cash prices

    By Karl Plume
    CHICAGO, Feb 14 (Reuters) - Chicago Mercantile Exchange live
cattle futures          ended higher on Wednesday, supported by
lagging cattle weights and expectations for higher cash market
prices this week.
    Packers will be battling for a smaller number of
market-ready cattle on showlists after recent frigid weather in
the U.S. Plains and heavy snow in Iowa impeded cattle
    "Cattle have stopped gaining weight, the weights are down,
and they can't move them because of the weather in some areas,"
said Oak Investment Group President Joe Ocrant.
    "Eventually this weather is going to break and the cattle
are going to start gaining weight and you're going to have a
boatload of cattle coming in," he said.
    Investors are waiting on packer bids to develop following
trades last week in the southern Plains at $125 to $126 per cwt.
Some bids of $126 per cwt were reported on Tuesday against
offers of $130, Ocrant said.
    CME February         live cattle closed up 0.825 cent per
pound at 127.650 cents. April         ended 0.450 cent higher at
125.225 cents and June         gained 0.400 cent at 117.050
    Feeder cattle futures also advanced, with March futures
        up 0.900 cent per pound at 148.175 cents and April
        0.925 cent higher at 150.425 cents.
    Lean hog futures climbed on technical and fund buying and
spillover support from rising cattle.
    February futures        , which expire on Friday, ended up
0.150 cent at 73.500 cents. The actively-traded April contract
        settled up 1.225 cents per pound at 70.650 cents after
testing chart resistance at its 200-day moving average.

 (Reporting by Karl Plume; Editing by Tom Brown)
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