April 24 (Reuters) - Chicago Mercantile Exchange live cattle
futures gained modestly in volatile action on Thursday as
investors adjust positions before Friday's U.S. Department of
Agriculture monthly Cattle-On-Feed report, traders said.
* Analysts expect Friday's report to show the number of
cattle placed in feedyards in March increased 0.8 percent from a
year ago due to record-high prices for market-ready cattle.
* Live cattle futures' discount to last week's cash prices
stirred buying, while uncertainty about cash returns this week
limited advances.
* There were no deliveries reported by CME late on Wednesday
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against the April live cattle contract that will expire on
April 30.
* USDA's export data on Thursday for the week ended April 17
showed U.S. beef sales at 18,000 tonnes, mostly to Mexico,
compared to 21,900 tonnes the week prior.
* At 8:43 a.m. CDT (1343 GMT), April live cattle was
up 0.200 cent to 144.125 cents per lb. June rose 0.300
cent to 135.400 cents.
* Investors are unsure about cash cattle price direction
this week given more animals up for sale, an analyst said.
* Still, they are encouraged by strong beef demand and
improved packer margins, which could underpin cash cattle
prices, he said.
* Isolated cash cattle bids of $142 per hundredweight (cwt)
surfaced in Texas and Kansas with no response from sellers,
feedlot sources said.
* Last week, cash cattle in Texas and Kansas moved at $147
per cwt, and at $148 in Nebraska, they said.
* FEEDER CATTLE - May was at 179.225 cents, 0.600
cent higher, and August gained 0.575 cent to 183.025
cents.
* Firmer CME live cattle and technical buying sent feeder
cattle futures higher.
* LEAN HOGS - May lean hogs were at 123.825 cents per
lb, down 0.150 cent. Most actively traded June climbed
1.025 cents to 127.275 cents, and July rose 1.000 cents
to 125.000 cents.
* Profit-taking pressured May CME hogs while
short-covering, led by Wednesday's higher cash and wholesale
pork prices, lifted remaining contracts, traders said.
* Packers raised cash hog bids to ensure they have enough
supplies for this week's production, a trader said.
* He said processors that were offline on Monday for
extended Easter holiday observances plan to make up the downtime
on Saturday.
* Retailers are purchasing pork to feature during the
spring grilling season, traders and analysts said.
* USDA's export data showed U.S. pork sales at 15,100
tonnes, mostly to Mexico, compared to 8,600 tonnes the week
before.
(Reporting by Theopolis Waters in Chicago)
CME live cattle gain, hogs mostly up in choppy trading
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