Livestock -futures climb, pull off from lower beef prices

By Julie Ingwersen Chicago, September 19 (Reuters) – Chicago Mercantile Exchange Live Cattle Futures closed on Friday for a second straight day, supported by a tight US cattle supplies and strength in Wall Street stock markets that indicated a strong demand for beef, brokers said. CME October Live Cattle Futures rose 1,200 cents on 233,575 cents per pound and the live cattle of December finished 1,575 cents at 235,725 cents. October -feedlot rose by 2,375 cents to finish by 354,100 cents per pound. Monthly feedlot data from the US Department of Agriculture, released after the market closure, came close to trade expectations. The USDA reported the number of cattle in US feedlots on September 1 at 11.1 million heads, by 1.05% lower than a year earlier, while analysts who questioned Reuters before the report expected a slightly smaller drop of 0.9%. The USDA said August feedlot placements were 90% of a year ago, below average analyst estimate of 91%, and that the August marketings were 86% of a year ago, among the expectations of the analysts for 87.2%. The USDA’s report “does not change the dynamics with what has been going on in the cattle market for months now,” says Dan Norcini, an independent trader. “We produce much less beef, and I just don’t see it changing soon, based on these numbers,” Norcini said. Wholesale prices continued in early September to return from the peak of the peak in September, as the summer roasting season was sued. The USDA priced a price of beef at $ 382.05 per hundred weight (CWT) on Friday afternoon, from $ 3.76 from Thursday. Norcini said a strong week for Wall Street’s most important indices is good for consumer demand. For the week, the S&P 500 rose 1.2%, the Nasdaq climbed 2.2%and the Dow added 1.05%. “The stock market is still strong. People earn good money at the high end, and they’re going to pay for beef,” Norcini said. CME Lean Hog ​​Futures mostly closed on Friday, but the most active December contract was lower. October Hogs rose 0.500 cents at 97,975 cents per pound, while the pigs of December ended 0.075 cents at 87,625 cents. The USDA priced $ 112.05 per CWT at $ 112.05 per CWT on Friday afternoon, with 10 cents from Thursday. (Reporting by Julie Incerts; Editing by Mohammed Safi Shamsi)