CHICAGO, Oct 29 (Reuters) - Chicago Mercantile Exchange live cattle futures fell for the second day in a row on Friday, with traders saying that prices were still too high compared to cash market. High prices for corn and wheat that weighed on cattle producers’ profit margins added further pressure. But traders noted the opposite in hogs, where futures needed to rally to match what the cash market was offering. “The cattle market has a premium in the market, the hogs have a discount in the market,” said Don Roose, president of Iowa-based U.S. Commodities. CME December live cattle futures settled down 1.05 cents at 129.275 per pound. The decline of 2.1% was the biggest daily percentage drop for the front-month cattle contract since May 13. December live cattle dropped below their 10-day and 20-day moving averages, hitting a one-week low before finding support near their 200-day moving average. In feeder cattle, the most-active January contract fell 1.45 cents to settle at 156.25 cents per pound. The benchmark December lean hogs contract rose 0.875 cent to 76.075 cents per pound. February lean hogs closed the day up 1.475 cents at 78.675 cents per pound. December hogs faced resistance near their 20-day moving average, a technical point the contract has not traded above since Oct. 12. (Reporting by Mark Weinraub; Editing by Richard Chang)