November 14, 2018 / 11:10 PM / in a month

LIVESTOCK-Live cattle slip on weak cash market outlook, lower beef

    By Karl Plume
    CHICAGO, Nov 14 (Reuters) - Chicago Mercantile Exchange live
cattle futures         eased on Wednesday as a weak tone to the
cash cattle market and lower beef prices anchored futures,
traders said.
    Lower equities markets also cast a shadow over cattle
futures as the Dow Jones Industrial Average        fell for a
fourth consecutive day, raising concerns about slowing
restaurant traffic as consumers curb spending.
    Futures traders are awaiting more active cash cattle trade
at U.S. Plains markets, where packers are not expected to buy as
many cattle as normal this week because of slaughterhouse
downtime next week during the Thanksgiving holiday.
    Some cash cattle lightly traded at midweek at $111 to $112
per cwt, down from sales at mostly $114 last week, although the
bulk of sales have yet to occur.
    "The futures market is still running a premium to the cash
market and that pulled us down after a technical bounce
yesterday," said Don Roose, president of U.S. Commodities.
    "Packers are buying cattle for a short kill week next week.
That's a limiting factor," he said.
    CME December live cattle         settled 0.775 cent lower at
114.600 cents per pound. February futures         fell 0.150
cent to 118.600 cents.
    The U.S. Department of Agriculture on Wednesday quoted the
wholesale choice boxed beef cutout at $213.16 per cwt, down 92
cents from Tuesday, and the select cutout down $1.80 at $197.18
per cwt.           
    Feeder cattle futures         ended mostly lower on
spill-over pressure from weaker live cattle a day after a
technical and short covering rally took prices up more than 2
percent.
    Actively traded January feeder cattle         ended
unchanged at 146.975 cents per pound, while March         shed
0.325 cent to 143.800 cents.
    Lean hog futures         were mixed amid some support from
worries over an expanding outbreak of African Swine Fever in
China.
    CME December hogs         fell 0.300 cent to settle at
57.000 cents per pound, while the more active February hog
contract         was up 0.175 cent at 62.350 cents.

 (Reporting by Karl Plume; Editing by Peter Cooney)
  
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