Nov 20 (Reuters) - CME live cattle futures traded higher on Wednesday on short-covering after recent market losses, traders said.

A drop of $13 per hwt is a classic example of the market topping out when the news is the most bullish
Live cattle prices have been under pressure since peaking in December amid bullish headlines and news that took prices to historic highs. Cattle and calves in the United States according to USDA estimates as of January 1, 2013 totalled 89.3 million head, which is two per cent below the 90.8-million figure recorded a year earlier.