CHICAGO, Oct 17 (Reuters) - Chicago Mercantile Exchange live cattle contracts began the week with more gains, supported by follow-buying from last Friday’s short-covering and chart-related rally that snapped future’s six-session losing skid, said traders.
* At 09:30 a.m. CDT (1430 GMT) October was 1.500 cents per pound higher at 97.400 cents, and December 1.450 cents higher at 98.900 cents.
* Investors await prices later this week for slaughter-ready, or cash, cattle while monitoring beef sales midway through October Pork Month.
* Market participants wait to see if beef demand on the East Coast can rebound as residents in the region recover from Hurricane Matthew.
* Last week, the bulk of cash cattle in the U.S. Plains brought $97 to $98 per cwt, down from $101 to $103 the week before.
* There were no new deliveries reported by the CME late on Friday against the October live cattle contract that is set to expire on Oct. 31.
FEEDER CATTLE - October was 1.425 cents per pound higher at 121.800 cents, on residual buying and further live cattle market advances.
LEAN HOGS - December was down 0.425 cent per pound to 41.800 cents, and February 0.200 cent lower at 50.075 cents.
* CME lean hogs began the week at a 12-year in choppy trading, with December the new spot month after the October contract expired last Friday.
* Investors are waiting to see how soon Smithfield Foods’ hog plants in the southeastern United States idled by Hurricane Matthew can return to normal operations.
* USDA estimated last week’s hog slaughter at 2.304 million head, down 4.9 percent from the week before that yielded 4.7 percent less pork.
* East Coast plants should clean up the backlog of hogs as they resume full production, but that could pump more meat into the pipeline which may hurt wholesale pork prices, a trader said.
* Friday’s higher wholesale pork values and futures’ discounts to CME’s hog index for Oct. 13 at 52.54 cents provided periodic market support.
* Speculative buyers are eying CME lean hogs’ relative strength index (RSI) that at the close of business last Friday was 22. An RSI below 30 suggests a market is technically oversold and subject to an upward adjustment soon. (Reporting by Theopolis Waters in Chicago)