May 8 (Reuters) – CME live cattle futures fell early Tuesday
pressured by the stronger dollar amid worries Greece’s struggle
to form a new government would exacerbate Europe’s debt crisis.
* Cattle futures traders are concerned that an unstable
global economy and firmer dollar would hurt U.S. meat exports.
* Hog futures traded mixed on higher cash hog prices and
weaker wholesale pork values.
LIVE CATTLE – At 8:35 a.m. CDT (1335 GMT), June was
down 0.425 cent at 115.850 cents per lb with August down
0.525 cent at 118.275 cents.
* June future’s discount compared with last week’s mostly
$120 to $121 per cwt cash cattle sales cushioned that contract’s
fall on Tuesday.
* Bullish cattle market investors are anticipating a steady
cash trade based on profitable beef packer margins.
* Market bulls also cited higher wholesale beef prices,
implying supermarkets are ramping up for Memorial Day grilling
demand.
* Cash prices may be challenged by 20,000 more cattle
available for sale.
* The top U.S. producer of what critics dubbed “pink slime”
will close three of its four plants.
FEEDER CATTLE – May down 0.650 cent at 152.150 cents
per lb. August down 0.825 cent at 158.625 cents.
* Futures slid on live cattle losses and profit taking.
LEAN HOGS – June up 0.025 cent at 84.425 cents per
lb, with July down 0.400 cent at 84.800 cents.
* Packers raised bids for cash hogs while their margins
inched toward a positive level which is driving bull spreads, an
analyst said.
* “The main problem for pork is lackluster retail demand,”
the analyst said. “Some people think that should turnaround at
lower wholesale price points.”
