LIVESTOCK-Chicago live cattle futures slip as traders look to lock in profits

By P.J. Huffstutter

CHICAGO, April 30 (Reuters) - Chicago Mercantile Exchange live cattle futures eased on Thursday, breaking a five-day rally in the most-active contract as traders sought to take profits at month's end, market analysts said.

Feeder cattle futures ended higher on a range-bound trading day - with the August feeder cattle FCQ26 contract turning higher for the fifth time in the past six sessions.

A lack of fresh news capped prices, but recent strength in the cash market kept cattle futures somewhat underpinned, as did signs of strong consumer demand as the U.S. grilling season draws near, analysts said.

Wholesale beef prices remained firm on Thursday morning: choice cuts turned $1.69 higher to $389.74 per hundredweight (cwt) and select cuts rose $3.61 to $389.86 per cwt, according to U.S. Department of Agriculture data.

"After making these new contract highs, you're seeing a momentum-type market," said Brodrick Schmidt, a commodity broker at U.S. Commodities LLC in West Des Moines, Iowa. "And there just wasn't a lot of juice to go to the upside today."

Chicago Mercantile Exchange June live cattle LCM26 settled down 1.25 cents to end at 254.00 cents per pound.

August feeders FCQ26 ended up 1 cent at 373.525 cents per pound, while May feeder cattle FCK26 ended 1.15 cents higher at 372.65 cents per pound.

Beef packer margins remained deep in the red, with packers estimated to lose $187.30 per head of cattle slaughtered on Thursday, compared with $140.10 per head on Wednesday and $188.60 per head a week earlier.

CME lean hog futures struggled with technical resistance and concerns about consumer demand going into the grilling season.

Benchmark June lean hogs LHM26 gave up most of the previous session's gains, ending Thursday 1.475 cents lower at 102.275 cents per pound in technical trading, analysts said.