CME live cattle futures slip as beef quotes weigh

Nov 13 (Reuters) - CME live cattle futures turned down
slightly on Wednesday, weakened by lower wholesale beef prices
late on Tuesday, traders said.
    * Late Tuesday's choice wholesale beef values dropped 53
cents per hundredweight (cwt) from Monday to $202.26. Select
cuts fell $1.20 to $188.54, according to the U.S. Department of
    * Beef demand will probably increase after the Thanksgiving
Day holiday, a time when retailers heavily feature ham and
turkey, a trader said.
    * Funds that follow the Standard & Poor's Goldman Sachs
Commodity Index will shift, or roll their CME live cattle and
hogs December long positions into February and April. Wednesday is the last official day for the process. LIVE CATTLE - At 8:49 a.m. CST (1449 GMT), December was down 0.175 cent at 132.500 cents per lb. February was at 134.050 cents, down 0.225 cent. * Uncertainty about this week's cash cattle prices sidelined potential futures buyers. * Cash-basis cattle last week moved at mostly $131 per cwt, with a few at $132, feedlot sources said. * Market bulls believe packers need cattle to fulfill next week's production. * Bearish traders counter that poor packer margins and tepid wholesale beef demand can pressure cash returns. * FEEDER CATTLE - November was up 0.025 cent to 164.675 cents per lb, while January gained 0.125 cent at 164.325 cents. * Weak corn prices lifted the CME feeder cattle contract. LEAN HOGS - December was at 86.875 cents per lb, 0.325 cent lower, while February was down 0.300 cent at 91.050 cents. * CME hogs felt pressure from mostly weak cash hog prices amid increased supplies at record-high weights, traders and analysts said. * The USDA reported Tuesday afternoon's hog price at the closely watched Iowa/Minnesota market at $82.01 per cwt, down 35 cents from Monday. * On average, hogs in the Iowa/southern Minnesota market for the week ended Saturday weighed 280.8 lbs. That was up 1.1 lbs
from the previous week and an 8.2 lb jump from a year earlier. The 280.8 lbs reported on Wednesday eclipsed last week's record high of 279.7, based on USDA data. * Cheaper corn, compared with a year ago, and cooler weather are allowing hogs to gain weight quickly, an analyst said. (Reporting by Theopolis Waters in Chicago; Editing by Lisa Von Ahn)

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