CHICAGO - U.S. live cattle futures settled mostly firm on Friday, extending their weekly win streak to five, lifted by higher prices for cattle in cash market, said analysts and traders.
Investors also adjusted positions before the U.S. Department of Agriculture's monthly cattle-on-feed report today at 2 p.m. CDT (1900 GMT).
Chicago Mercantile Exchange hogs closed higher but feeder cattle ended mostly lower.
CME live cattle slipped at first on deliveries before mounting a comeback after packers in the U.S. Plains paid $120 to $121 per cwt for cash cattle, up $1 to $2 than last week.
Spot August closed up 0.225 cents per lb to 121.075 cents. October ended at 125.275 cents, down 0.275 cent higher and December finished up 0.125 cent to 128.200 cents.
Beef processors raised cash bids amid tight supplies and brisk beef demand while grocers bought product for the September 3 U.S. Labor Day holiday, a trader said.
USDA estimated the choice wholesale beef price Friday morning at $193.01 per cwt, $1.53 from Thursday and $8.72 higher than a week ago.
August feeder cattle futures gained with the mostly firm live cattle market. But other months wilted as corn prices remained around $8 per bushel, reducing feedlot demand for younger cattle.
Spot August feeder cattle closed up 0.100 cent per lb to 140.425 cents. September finished at 142.200 cents, down 0.675 cent.