CHICAGO - Most Chicago Mercantile Exchange live cattle contracts were moderately lower Thursday, pressured by profit-taking as investors tweaked positions as the final trading session of the year winds down, traders said.
- The week's higher cash and wholesale beef prices lifted the December contract before it expires at noon CST (1800 GMT).
- CME livestock markets will halt trading at their regular time on Thursday. The exchange closes on Friday for New Year's holiday observances.
- At 8:50 a.m. CST (1450 GMT) December was 2.700 cents per lb higher at 131.700 cents, February was down 0.275 cent per lb to 136.425 cents and April was 0.300 cent lower at 137.750 cents.
- This week, market-ready, or cash, cattle in the southern U.S. Plains moved at $133 to $135 per cwt, a jump of $11 to $13 from last week, according to feedlot sources.
- Wednesday afternoon's wholesale choice beef price rose $2.50 per cwt from Tuesday to $208.67. Select cuts climbed $3.85 to $201.51, based on U.S. Department of Agriculture data.
- Christmas and New Year's holiday plant shut downs, and delayed deliveries of cattle during a recent winter storm, limited available beef to grocers, a trader said.
- Weather disruptions came as packers needed cattle for the first full work week after the winter holidays, he said.
- On Thursday, the USDA's export report for the week ended Dec. 24 showed U.S. beef sales at 4,000 tonnes, mostly to South Korea, compared to 400 tonnes in the previous week.
- FEEDER CATTLE - Spot-January feeder cattle was up 0.575 cents per lb to 166.525 cents per lb, on follow-through buying.
- LEAN HOGS - Spot-February was down 0.125 cent per lb to 59.650 cents per lb, and April was 0.300 cent lower at 65.725 cents.
- CME lean hogs dipped on end-of-year positioning and Wednesday's mixed market fundamentals, traders said.
- Wednesday afternoon's average cash hog price in Iowa/Minnesota at $48.90 per cwt, rose $1.32 from Tuesday.
- The afternoon wholesale pork price on Wednesday dropped $2.98 per cwt from Tuesday to $67.78, the USDA said.
- Some packers bought hogs for Saturday's projected 265,000-head kill, said traders.
- They said abundant fresh bellies forced processors to cut prices for product stored for later use.
- Thursday's weekly government export data showed U.S. pork sales at 8,100 tonnes, mainly to Mexico, compared with 10,400 tonnes in the previous week.
