* Weak corn prices support CME feeder cattle
* Short-covering props up CME hog futures
By Meredith Davis
CHICAGO, Nov 15 (Reuters) - Chicago Mercantile Exchange live
cattle futures ended firmer on Friday, helped by higher cash
prices, traders said.
Packers in Texas and Kansas paid $132 per cwt on Friday for
cash or slaughter-ready cattle, $1 higher than last week,
feedlot sources said.
Generally tight cattle supplies in the near term and recent
futures advances were supportive cash cattle factors, traders
and analysts said.
"The (live cattle) futures felt like it wanted to go down
but then the cash trade came out and propped it up," an a trader
Processors were reluctant to overpay for supplies given
their poor operating margins and lackluster wholesale beef
The U.S. Department of Agriculture reported Friday
afternoon's choice beef wholesale price at $201.16 per cwt, down
$1.40 from Thursday. That price was the lowest since $200.97 on
The National Beef packing plant in Liberal,
Kansas, shut down operations on Thursday and Friday for
mechanical repairs, but plans to reopen on Saturday, a company
spokesman told Reuters on Friday.
CME live cattle December finished up 0.425 cent per
lb at 133.400 cents, and February closed at 134.800
cents, up 0.275 cent.
Feeder cattle futures moved up with CME live cattle futures
and as corn prices drifted lower.
November feeders closed up 0.125 cent at 165.150
cents per lb, and January ended at 165.825 cents, 0.625
cent higher on the day.
HOGS RISE DESPITE LOWER CASH PRICES
Short-covering following three straight days of market
losses pushed up CME hogs, traders and analysts said.
Futures gained despite the pullback in cash hog and
wholesale pork prices amid abundant supplies at record-high
weights, traders said.
Cooler fall temperatures and less-expensive newly harvested
corn is allowing hogs to put on weight quickly.
"Until we see some signs of the weights coming down it will
be hard to see a sustained futures rally. The packers don't need
to chase hogs," said independent livestock futures trader Dan
Friday afternoon's cash hog prices in the closely watched
Iowa/Minnesota market were at $79.58 per cwt, down 40 cents from
Thursday, USDA said.
The government's Friday afternoon wholesale pork price for
pork dropped $2.00 per cwt from Thursday to $91.97 per cwt,
following a $7.35 plunge in costs for pork bellies, which are
made into bacon.
December hogs ended up 0.300 cent at 85.900 cents
per lb, while February closed up 0.475 cent at 90.275
(Editing by G Crosse)