CHICAGO (Dow Jones)--Analysts and brokers anticipate a higher Chicago Mercantile Exchange hogs open Thursday on potential short covering and floor traders possibly feeding off overnight CME Globex hog advances.

Late Wednesday's slight pork cutout price bump and generally steady cash hog price expectations may provide modest futures support. In addition, speculative buyers could target spot-October and nearby-December contracts that are nearly in line or at bullish discounts to CME's hog index.

Thursday's session could become volatile if stirred by possible position squaring ahead of the Labor Day holiday and potential pre-Goldman roll activity.

The Goldman roll involves funds shifting some of their October long positions into December. The first of five days for the Goldman roll period will officially start on Sept. 8 and is tied to the Standard & Poor's Goldman Sachs Commodity Index.

October 47.94-cents 10-day moving average is a support floor. The contract's 49.05 Wednesday high is a price resistance obstacle.

December's 46.52 10-day moving average is an area of support. The contract's 47.50 Tuesday high is a price resistance threshold.

CME bellies could begin the morning mixed on possible follow-through buying after Wednesday's upturn versus potential profit taking by those holding short-term long positions.

Late Wednesday's $64 to $66 per hundredweight steady fresh belly quote is a positive market influence. But, recent daily hog slaughter buildups back to around 430,000-head could later pressure cash belly prices.

February's 78.63-cents 20-day moving average is a support point. The contract's 79.50 Wednesday high is a price resistance mark.

May's 79.73 10-day moving average is a support floor. The contract's 80.56 20-day moving average is a resistance ceiling

Cattle Complex

CME live cattle could start steady to firm after Wednesday's gains that could spill over into Thursday's open. Also, spot-October and nearby-December oversold technical indictors may invite speculative buyers.

Market bulls are confident about this week's cash cattle price prospects given fewer cattle for sale this week and thinning but still profitable beef packer profit margins.

Packer buyers tabled $82 per hundredweight bids for cash-basis cattle in the face of $87 to $88 asking prices. Fed cattle last week moved at mostly $85.

The latest operating margin index for beef packers was plus $25.20 per head, compared with plus $30.50 the previous day, as calculated by HedgersEdge.com.

However, bullish participants who plan to take off early for the upcoming holiday might become skittish the longer cash cattle buyers and sellers negotiate this week's cash trade. Also, recent boxed beef price declines could emerge as a negative futures and cash cattle price matter.

The U.S. Department of Agriculture's Wednesday evening boxed beef item showed choice items down $0.48 per hundredweight, and select cuts $0.26 lower.

October's 86.00-cents June 17 low is a price support level. The contract's 87.25-cents low on Aug. 27 is a price resistance barrier.

December's 86.15 Tuesday low is a price support point. The contract's 87.25 Aug. 27 low is a price resistance mark.

Feeder cattle could open firm on potential follow through buying after Wednesday's futures climb and possible live cattle support.

Front-month futures are trading in line or at discounts to CME's feeder cattle index. October remains oversold technically.

September's 98.25-cents June 24 low is a price support level. The contract's 99.12-cents 10-day moving average is a resistance ceiling.

October's 98.05-cents June 24 low is a price support point. The contract's 99.16-cents 10-day moving average is a resistance mark.

(To access the daily livestock market data recap report, keyword search for "Livestock Market Fundamental Data Recap.")


-By Theopolis Waters; Dow Jones Newswires; 312-341-5778; theopolis.waters@dowjones.com