Livestock Highlights:  $100 Cattle, Beef Gains, Korea Protests

US Retail Meat: Independence Day Features A Griller's Delight

KANSAS CITY (Dow Jones)--This week's meat case promotions should delight backyard grillers, and there are plenty of protein options from which shoppers can choose. From premium steaks to bargain-priced chicken leg-quarters, grocers are attempting to meet the needs of all shoppers.

Cash Market Aims At Lofty CME Aug Live Cattle Target

CHICAGO (Dow Jones)--As cash cattle flirts with its $100 per hundredweight benchmark, some wonder what it would take for a marriage between cash prices and even more expensive spot-August live cattle futures, which are playing hard to get. Chicago Mercantile Exchange lead-month August live cattle on Wednesday settled at 104.00 cents a pound, or $104 per hundredweight, compared with live-basis cash cattle last week that sold at $97 to $99.50 per hundredweight.

S Korea Activists Start US Beef Boycott; Lee Warns Protesters

SEOUL (AFP)--South Korean activists Thursday started a nationwide campaign to boycott U.S. beef as President Lee Myung-bak issued a fresh warning against violent protests. At least four protest groups, including two national women's associations, denounced the government for allowing the distribution of U.S. beef despite unabated public concerns over health problems.

Australian May Beef Output Down 3.0% On Month

CANBERRA (Dow Jones)--Beef production in Australia, a major global exporter, fell 3.0% in May to a seasonally-adjusted 181,404 metric tons from 187,101 tons in April, but was up 7.6% on year, the government's Bureau of Statistics reported Thursday.

STORIES OF INTEREST:

MARKET TALK: Herd Liquidation To Stall Cattle, Beef Gains

1419 EDT [Dow Jones] - Cutbacks in the U.S. cattle herd are needed in order for beef output to be trimmed in the longer term and accommodate higher feed costs, but the liquidation is seen reducing cattle prices in the near-term. 

Korea Protests Betray Deeper Anger

(From THE WALL STREET JOURNAL ASIA) SEOUL - South Korea's massive antigovernment protests over the past two months widened Wednesday to include strikes by 136,000 workers at the nation's biggest manufacturers, including Hyundai Motor Co.

THE MARKETS:

CME Livestock Review: Lean Hogs Mixed, Most Live Cattle Weak

CHICAGO (Dow Jones)--Chicago Mercantile Exchange live hogs Thursday settled mixed on July/August forward and August/October bear spreads as traders squared positions ahead of the July 4th holiday. Pork bellies ended limit down on spillover selling, no buyers and spreading out of August bellies into front-month lean hog futures.

MARKET TALK: $102 Cattle Trade In Tex/Okla; Few $101-102 Kans

1427 EDT [Dow Jones] - Moderately active trading of cattle is reported in Texas/western Oklahoma at mostly $102 per hundredweight on a live basis. The volume is estimated around 30,000 head.

US Cash Hogs Midday: Bids Mostly Flat; Some Mixed

KANSAS CITY (Dow Jones)--Packer bids for hogs in the Midwest direct markets Thursday are mostly flat, but some mixed quotes are seen as well for deliveries next week.