May 11 (Reuters) - U.S. cattle futures fell early Friday at the Chicago Mercantile Exchange and were headed for their third straight weekly decline, pressured by slumping stocks and renewed debt concerns in the euro zone. * Lean hogs rebounded from early declines to turn higher as traders continued to buy the contract after futures hit a eight-month low earlier this week. * But the sharp trading losses at top U.S. bank JPMorgan and fears surrounding anti-austerity votes in Europe limited buying interest in hogs and weighed on live and feeder cattle, traders said. * Cash cattle trade was awaited, with packers bids said to range from $118 to $119 per cwt while feedlots priced their animals at $122 to $124. The spread between recent cash and futures cattle trade is widest five years. LIVE CATTLE - At 8:50 a.m. CDT (1350 GMT), June was down 0.500 cent at 115.350 cents per lb with August off 0.600 cent at 118.000 cents. * Traders are expecting cash cattle to trade steady to slightly lower. * Packers may be more willing to increase bids for cattle based on their positive operating margins. FEEDER CATTLE - Spot May down 0.375 cent at 149.975 cents per lb. Most actively traded August down 0.725 cent at 158.175 cents. * Losses capped by lower corn futures, which imply reduced feed costs for cattle feeders. LEAN HOGS - June up 0.300 cent at 84.800 cents per lb, with July up 0.300 cent at 85.075 cents. * Futures lifted by ideas hog market may have bottomed as well as improved pork packer margins. * Cash hogs seen steady in U.S. Midwest.