LIVESTOCK — CME live cattle futuers rise to 10 — week high on firm cash prices

By Karl Plume CHICAGO, Oct 16 (Reuters) — Chicago Mercantile Exchange live cattle futures climbed to a 10-week high on Friday on firm cash market prices and tightening beef supplies, while feeder cattle futures were steady to higher as feed corn prices fell. Tight supplies of cattle continued to underpin futures, along with strong consumer demand for beef amid tightening supplies after the USDA last week cut its US production outlook for this year and next. "We have a domestic supply shortfall that we're still facing," said Mike Zuzolo, president of Global Commodity Analytics. CME December live cattle reached their highest level since August 7 and ended the day 1.100 cents higher at 228.350 cents per pound. November feeders peaked at a three-month high before settling 0.050 cent lower at 341.900 cents pound. Limited cash cattle trades in the central and northern Plains this week were above last week's prices, while bids in the southern Plains were steady to higher than a week ago, traders said. Wholesale cash beef values were mixed on Friday, holding within a recent tight range. The USDA said the choice boxed beef cutout fell $1.67 on Friday to $372.31 per hundredweight, while the