CHICAGO, Nov 16 (Reuters) - CME Group lean hog futures
rallied on Tuesday, supported by fund buying and expectations
that supplies will begin to tighten in the coming weeks, traders
Live cattle futures eased slightly for the second day in a
row as the market waited for fresh bullish inputs before driving
prices above the 4-1/2-year high hit on Friday. Firm cash
markets kept the declines in check, traders said.
CME December lean hogs rose 1.925 cents to 77.725
cents per pound and February hogs ended up 2.1 cents at
CME's most-active February live cattle contract
dropped 0.225 cent to 136.1 cent per pound. The spot December
contract eased 0.5 cent at 131.725 cents per pound.
Wholesale boxed beef prices were weaker, with choice cuts
falling 15 cents to $283.05 per cwt and select cuts dropping
$1.11 to $266.17 per cwt on Tuesday morning.
CME January feeder cattle futures added 0.8 cent to
end at 159.275 cents per pound.
Analysts were expecting a U.S. Agriculture Department
report on Friday to show that the number of cattle on feed as of
Nov. 1 stood at 99.8% of the year-earlier total. Placements
during October were 102.2% of the October 2020 total.
(Reporting by Mark Weinraub; Editing by Devika Syamnath)