April 23 (Reuters) - Chicago Mercantile Exchange live cattle
futures turned lower on Wednesday, pressured by profit-taking
and uncertainty regarding cash prices this week, traders said.
* Sell stops and fund liquidation exerted more CME live
cattle pressure, they said.
* There were no deliveries reported by CME late on Tuesday
against the April live cattle contract.
* The U.S. Department of Agriculture's cold storage report
late on Tuesday showed beef stocks in March totaled 404.8
million lbs, down 1 pct from the month before and down 21
percent from last year.
* At 8:39 a.m. CDT (1339 GMT), April live cattle was
down 0.225 cent to 143.475 cents per lb, and June fell
0.300 cent to 134.675 cents.
* Futures will likely chop around until cash cattle changes
hands, a trader said.
* Packers may try to lower cash cattle bids based on their
negative, but improving, operating margins and more animals for
* Strong wholesale beef prices might underpin this week's
* Last week, cash cattle in Texas and Kansas moved at $147
per cwt, and at $148 in Nebraska, feedlot sources said.
* FEEDER CATTLE - May was at 178.475 cents, up 0.125
cent. August was down 0.025 cent to 182.250 cents.
* CME feeder cattle drew support from steady-to-higher cash
feeder cattle prices, but pressured by profit-taking and weak
live cattle futures.
* LEAN HOGS - May lean hogs were at 120.500 cents per
lb, down 0.525 cent, and most actively traded June
slipped 0.025 cent to 123.225 cents. July gained 0.275
cent to 121.275 cents.
* Nearby CME hog futures slipped in volatile trading
following late-Tuesday's wholesale pork price slump, but
speculative buying at times lifted remaining contracts.
* Tuesday's mixed cash hog prices offered no clear
direction regarding near-term cash prices, traders said.
* Still, some investors and hog dealers contend cash hog
prices could trend higher soon as demand for pork heat up for
* Nearby futures' premiums to CME's hog index, at 119.65
cents, discouraged buyers, traders said.
* Government data on Wednesday showed hog weights in
Iowa/Minnesota for the week ended last Saturday averaged a
record-high 286.4 lbs, topping last week's 285.7-lb record and
up 9.3 lbs from a year earlier.
* Late-Tuesday's USDA data showed March pork inventories at
575.2 million lbs, down 12 pct from the previous month and down
11 percent from last year.
(Reporting by Theopolis Waters in Chicago)