Chicago Mercantile Exchange live cattle edged upward on Friday on short-covering and positioning before the U.S. Department of Agriculture’s monthly cattle-on-feed report, due later Friday, traders said.
- Most analysts polled by Reuters expect USDA data will show placements gained marginally in November as less-costly corn encouraged feedlots to buy more young cattle to fatten.
- The federal government will issue the monthly cold storage report on Monday at 2 p.m. CST (2000 GMT). The data will include total November beef and pork inventories.
- Traders are monitoring another round of wintry weather expected to hit the U.S. Plains over the weekend that could impact livestock production in the region.
- Heavy snowfall could stress cattle in feedyards and snarl the transportation of cattle and hogs to market, traders and analysts said.
- China and the United States have made progress toward a deal on American beef exports, but agreement on technical issues is still needed before final approval, China’s vice agriculture minister said on Friday.
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