CME live cattle, hog futures seen opening mixed
Nov 24(Reuters) - Chicago Mercantile Exchange live cattle futures are expected to open mixed on Monday, traders said.
* December futures may draw support from Friday's steady-to-higher prices for market-ready or cash cattle.
* Last Friday, cash cattle in the U.S. Plains moved at mostly $172 to $173 per hundredweight (cwt), with a few up to $174, feedlot sources said. That compared to the previous week's record high of $172.
* Packers needed supplies despite buying for an abbreviated week due to the Thanksgiving holiday on Thursday.
* Friday's U.S. Department of Agriculture mildly bearish monthly Cattle-On-Feed results may stir bull spreads, which consist of traders selling February futures and simultaneously buying December, traders and analysts said.
* USDA's report on Friday showed the number of cattle placed in U.S. feedlots in October declined versus last year, but not by as much as expected.
* Separate government cold storage data on Friday put October total beef stocks at 374.9 million lbs, up slightly from September but down 15 percent from a year ago.
* Last month's beef storage outcome is somewhat positive because it continues to reflect tight supplies, analysts said.
* CME livestock futures could trade in choppy fashion as investors work positions ahead of what for some will be an extended holiday vacation, they said.
* FEEDER CATTLE - Called steady to up 0.300 cent per lb.
* CME feeder cattle futures may garner support from potential live cattle market buying and soft corn futures.
* LEAN HOGS - Seen 0.300 cent per lb higher to 0.300 cent lower.
* Potential short-covering following last Friday's firm cash prices might generate bull spreads, traders said.
* Cash prices may have stabilized seasonally and packers appear to be purchasing supplies for post-Thanksgiving production, they said.
* Pork demand could wane as grocers prepare to feature beef in December, said analysts and traders.
* Friday's USDA cold storage report showed last month's pork inventory totaled 524.8 million lbs, down 4 percent from the month before and down 7 percent from last year.
* October pork stocks were mildly bullish because the withdrawal of product was more than usual for this time of year, an analyst said.
(Reporting by Theopolis Waters in Chicago; Editing by Bernadette Baum)
