CHICAGO, Nov 26 (Reuters) – Chicago Mercantile Exchange live cattle futures settled higher on Tuesday supported by fund buying while investors await cash cattle to trade this week, traders and analysts said
December cattle traded through both the 10-day and 20-day moving averages. The front-month contract settled up 0.875 cent per lb at 131.950 cents, just above the 10-day moving average
February cattle traded through the 100-day moving average of 131.921 cents per lb to settle at 133.025, up 1.100 cents
“It is a technical based rally,” said Lane Broadbent, livestock analyst at KIS Futures. “There maybe a little beef demand at year-end, but otherwise there is not a lot of news.”     Analysts have said grocers may chose to feature beef products after selling turkey and ham for the U.S. Thanksgiving day holiday
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The U.S. Department of Agriculture’s Tuesday morning wholesale beef prices were mixed with choice cuts down 13 cents from Monday at $201.19 per cwt. Select cuts were up 43 cents at $188.71 per cwt
Cash cattle were expected to trade at least steady with last week’s price of $131 per cwt, or possibly higher, traders said
Packers have not yet bid for cattle but animals in the U.S. Plains were priced at $132 to $134, feedlot sources said. Cattle bought this week will be for post-Thanksgiving beef production, which is supportive for cash prices
Weak Chicago Board of Trade corn prices lent support to CME feeder cattle. U.S. corn futures fell 1.5 percent on Tuesday, weighed down by the ample supplies as the harvest of a likely record-large U.S. crop neared an end, traders said
January feeder cattle ended 1.575 cents per lb higher at 164.375 cents, while March ended at 164.300, up 1.500 cents
STEADY CASH PRICES SUPPORT HOGSÂ Â Â Â CME hog futures settled higher in thin trade supported by steady cash prices as packers made purchases for a large weekend slaughter, traders said
Packers geared up for a big Saturday slaughter that traditionally takes place following Thanksgiving due to plants being down on Thursday’s holiday, traders said
“Packers are putting steady cash on the table to make sure they have plenty of hogs surrounding them as margins are quite profitable,” said Dan Norcini, an independent livestock futures trader
Cash hog prices as reported by the USDA in the closely watched Iowa/Minnesota direct market were not available early on Tuesday, but Midwest hog brokers expected steady cash trade
The wholesale pork price, or cutout, continued its downtrend as a steady slaughter pace of record heavy hogs put additional pork in the pipeline
USDA on Tuesday morning reported the wholesale pork price was down 32 cents from Monday at $88.86 per cwt
The extent of the impact of the Porcine Epidemic Diarrhea virus (PEDv) on hog supplies in the spring and summer 2014 remains unclear, but expectations that supplies will be reduced supported deferred month contracts, analysts said
December hogs closed up 0.025 cent at 85.625 cents per lb. February hogs closed up 0.600 cent at 90.400 cents.
