CHICAGO (Dow Jones)--Chicago Mercantile Exchange hogs could open mixed Monday as participants square positions on the final trading day of the month of August, said analysts and brokers.

Carryover from Friday's modest advances and spot-October nearly in line with CME's hog index, along with nearby-December that is at a discount to the exchange's swine index, are positive market factors.

Also, bullish traders are encouraged by recent daily hog slaughter withdrawals, steady-to-firm hog price calls and still profitable pork packer profit margins.

The Dow Jones packer margin index for Friday's operations was plus $16.64, compared with plus $20.44 the previous day.

However, potential profit-taking by short-term longs after Friday's slight board advances and that evening's $0.67 per hundredweight pork cutout drop could become bearish market features.

Furthermore, electronic-Chicago Board of Trade corn declines may dampen back-month hog buying interest.

October 46.81-cents 20-day and 46.79 10-day moving averages serve as levels of support. The contract's 49.50 Friday high is a resistance target.

December's 46.05 20-day and 45.87 10-day moving averages are support areas. The contract's 47.75 Aug. 25 high is a price resistance level.

CME bellies could begin the session mostly firm on follow-through buying after Friday's run up and that evening's steady fresh belly quote at $64 per hundredweight.

Smaller daily hog kills as well as February's oversold Relative Strength Index condition could wield positive belly market influence.

End-on-month positioning could stir market volatility.

February's 76.10-cents Friday low is price support level. The contract has a narrow chart gap between Friday's 76.10 low and Thursday's 76.00 high.

February's 77.40 high is a price resistance obstacle.

Cattle Complex

CME live cattle could open uneven given likely month-end positioning, said brokers and analyst.

Bearish market signals include potential leftover selling following Friday's futures' pullback and that evening's soft boxed beef prices.

The U.S. Department of Agriculture's Friday evening boxed beef item showed choice items off $0.16 per hundredweight, and select cuts down $0.46.

Live cattle buying caution could develop as cash market players evaluate cattle that will be sold this week.

Packer buyers last week paid $83 to $85 per hundredweight for cash-basis cattle, compared with $83 to mostly $83.50 the week before.

U.S. equities' downturn and overnight-Chicago Board of Trade corn weakness might pressure far cattle months.

By the same token, possible bouts of short covering and still profitable beef packer profit margins could act as supportive market factors.

The latest operating margin index for beef packers was plus $40.10 per head, compared with plus $51.45 the previous day, as calculated by

The October live cattle option is bullishly oversold technically but is also at a bearish premium to last week's cash cattle trade.

Spot-August could trade in a narrow range before it expires on Monday at 1 p.m EDT. The CME late-Friday posted 31 cattle deliveries, 6 new and 25 retendered, against August.

October's 86.00 June 17 low is a price support point. The contract's 87.25 Thursday low serves as a price resistance mark.

Feeder cattle's open could vary depending on follow-through selling as a result of Friday's retreat versus potential short covering.

Front feeder cattle contracts are nearly inline or at bullish discounts to CME's feeder cattle index while deferred months are at bearish premiums to that index.

September's 98.00-cents June 15 high is a price support level. The contract's 98.65 Thursday low is a price resistance ceiling.

October's 97.80 June 19 low is a price support point. The contract's 98.50 June 29 low is a price resistance mark.

-By Theopolis Waters; Dow Jones Newswires; 312-341-5778;