CME live cattle futures trade mixed; hogs rise
Nov 3 (Reuters) - Chicago Mercantile Exchange live cattle futures were mixed on Tuesday, after funds periodically sold the December contract and simultaneously bought deferred trading months, traders said.
* Funds that are trading CME live cattle and lean hogs sold, or "rolled," December and mostly purchased February ahead of similar moves expected later in the week in association with the Standard & Poor's Goldman Sachs Commodity Index (S&PGSCI).
* The first of five days of the process, known as the S&PGSCI "roll," will officially begin on Friday.
* At 8:50 a.m. CST (1450 GMT), December was down 0.050 cent to 141.625 cents, and February was up 0.025 cent to 143.725 cents.
* Investors are awaiting prices for market-ready, or cash, cattle later this week.
* Fewer cattle for sale than last week and processors needing animals to accommodate pre-booked meat orders are supportive cash price influences, traders said.
* However, they pointed out that cash values encounter headwinds from tepid wholesale beef demand and unprofitable packer margins.
* Last week, cash cattle in the U.S. Plains sold at $133 to $138.50 per cwt, compared with mostly $134.50 to $138 the week before, said feedlot sources.
* FEEDER CATTLE - November was 0.325 cent per lb lower at 191.950 cents, pressured by sporadic live cattle market weakness. Continuación...