CME live cattle and hog futures garnered mixed calls on Monday as investors monitor nervous equities after weekend elections in Europe that stirred concerns about the region's debt crisis.
*CME cattle may draw support from its continued discount to last week's cash cattle prices.
* Hogs may feature lower cash hog prices and higher wholesale pork values.
LIVE CATTLE - Called up 0.300 to down 0.300 cent per lb.
* "The stock market is starting off sluggish, which is not good news," an analyst said. "But they're trying to repair themselves, so we (cattle) might open somewhere around steady."
* CME June live cattle remain underpriced compared with cash cattle last week that traded steady to up $1 per cwt at mostly $120.
* "You have to take the $120 cash trade as constructive because June continues to hold the sharp discount," a CME live cattle trader said.
* Wholesale beef prices slipped on Friday. But traders were encouraged by brisk sales volume that signaled retailers were buying beef for grilling demand.
* Tyson Foods Inc posted better-than-expected second-quarter profit as price increases helped offset weak beef sales.
FEEDER CATTLE - Seen steady to up 0.300 cent per lb.
* Futures may be underpinned by more buying following Friday's market advances.
LEAN HOGS - Called 0.400 cent per lb higher to 0.400 cent lower.
* Some hog futures may benefit from short-covering and Friday's wholesale pork price bounce.
* Other hog contracts could see pressure as packers resist raising cash hog bids due to their unprofitable margins.
* USDA estimated the average wholesale pork price on Friday afternoon at $78.86 per cwt, up 76 cents.
* The government's estimate for the average price of hogs at the closely watched Iowa/southern Minnesota market Friday evening was down 29 cents cwt at $76.59.