Chicago Mercantile Exchange hogs settled firm Tuesday on buy stops, roll by fund longs into December out of October and the U.S. dollar's retreat against some foreign currencies.

February pork bellies, the only contract that traded, closed higher. Live cattle settled above board and feeder cattle finished moderately higher.

Lean hogs trended upward at the start on residual buying following futures' rally last Friday. That evening's modest pork cutout increase and areas of cash hog price firmness on Tuesday provided added futures support.

However, hog contracts slipped from morning highs amid concerns that pork cutout prices could again come under pressure as packers throttle up post-Labor Day hog slaughters. And October at times lost ground to December amid "Goldman roll" activity.

The "Goldman roll" refers to funds shifting some of their October long positions into December. The first of five days for the Goldman roll period oficially kicked off Tuesday and is done in conjuction with the S&P GSCI.

Generally steady cash hog bids are seen for Wednesday as packers prepare for a Saturday kill that could exceed 300,000 head.

The U.S. Department of Agriculture's Iowa/Southern Minnesota weekly average hog weight data will be available early Wednesday morning.

October hogs ended up 47 points at 50.97 cents a pound, and December closed up 50 points at 48.95 cents.

February pork bellies ended 155 points higher at 84.42 cents a pound on follow-through buying after Friday's limit up settlement and buy stops. Friday evening's steady fresh belly quote and Tuesday's lean hog advances emboldened bullish belly traders. Other belly contracts were unquoted.

CME's weekly belly storage report that is normally released late Tuesday will be delayed until Wednesday after 5 p.m. due to Monday's U.S. and Canada Labor Day holiday.

Cattle Complex

CME live cattle closed moderately higher on buy stops, October/December forward spreading and as the U.S. dollar bowed to other foreign currencies.

Live cattle began the session mostly weak as market participants stepped aside to allow futures to develop a post-holiday trend. Initial selling tripped a light number of sell stops, particularly after October momentarily surrendered 10-day moving average support.

And market participants folded in last week's fed cattle prices that fell short of earlier that week's steady-to-higher cash cattle expectations.

Cattle packer buyers last week primarily paid $85 per hundredweight for cash-basis fed cattle, which was consistent with the bulk of the previous week's sales.

However, spot-October and nearby-December righted themselves with the help of short covering and U.S. stocks' initial spike. Front-months' oversold technical indicators lured speculative buyers.

And, midday boxed beef prices' subsequent turnaround from recent withdrawals motivated October and December purchases that returned October back above the 10-day moving average support level.

The U.S. Department of Agriculture's midday Tuesday boxed beef item showed choice items jumped $0.87 per hundredweight, and select cuts rose $0.53.

CME live cattle participants await this week's cash cattle outcome against the backdrop of larger numbers of cattle to be sold in parts of the Plains this week but still profitable beef packer profit margins.

The latest operating margin index for beef packers was plus $28.75 per head, compared to plus $20.10 the previous day, as calculated by

October live cattle closed up 45 points at 87.10 cents a pound, and December finished up 20 points at 86.87 cents.

Feeder cattle ended higher on supportive live cattle, buy stops and October/November bull spreads. October was technically oversold.

And, some would-be buyers keyed in on September and October that were nearly inline or at bullish discounts to CME's feeder cattle index.

September feeder cattle settled up 10 points at 99.05 cents, and October ended 62 points higher at 99.17 cents.

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