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.
* LEAN HOGS - Spot-December was up 0.650 cent to 58.875 cents per lb, and February was 0.725 cent higher at 62.700.
* Short-covering stirred by Monday's wholesale pork price increase lifted CME lean hogs, traders said.
* The Monday afternoon wholesale pork price, or cutout, of $79.50 per cwt was $1.36 higher than on Friday, following the nearly $4 hike in pork belly costs, the USDA said.
* Retailers may have bought pork for fear of a temporary shortage after two Cargill Foods hog packing plants were offline last Friday during the transition to their new owners JBS SA, an analyst said.
* Cash hog prices slid for an eight straight session in the midst of a seasonal bump in supplies, he said.
* USDA data showed Monday afternoon's average cash hog price in Iowa/Minnesota at $63.50 per cwt, down $1.69 from Friday. (Reporting by Theopolis Waters)