LIVESTOCK-Cattle at contract highs on strong cash market, tight supply

By Heather Schlitz

CHICAGO, Oct 14 (Reuters) - All Chicago Mercantile Exchange feeder and live cattle futures hit contract highs on Tuesday on higher wholesale beef prices, a strong cash market and a continued tight supply of cattle.

The supply of cattle has lingered at a near 75-year low, with the closure of the U.S.-Mexico border to Mexican cattle imports further constraining an already tight supply.

CME December live cattle LCZ25 rose 1.75 cents to end at 246.5 cents per pound. Benchmark CME November feeder cattle FCX25 settled 4.6 cents higher at 381.325 cents per pound.

On Tuesday afternoon, the wholesale choice boxed beef cutout rose by 51 cents to $364.42 per hundredweight, according to U.S. Department of Agriculture data. The select cutout rose 80 cents to $350.55 per cwt.

Analysts are weighing whether consumers will continue buying beef when prices are already at record highs.

CME December lean hogs LHZ25 lost 1.7 cents to end at 83.15 cents per pound.