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
* 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
* 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
* CME hogs felt pressure from mostly weak cash hog prices
amid increased supplies at record-high weights, traders and
* 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