DTN Early Word Livestock Comments 09/11 06:12
Mixed Trading Activity Ahead of the Weekend
Cattle futures closed higher, keeping the recent uptrend alive. There was
little reason for traders to sell aggressively after the recent bearish news
has been digested. Hogs posted minor losses with a relatively limited trading
range for the day.
Robin Schmahl
DTN Contributing Analyst
Cattle: Steady Futures: Mixed Live Equiv: $276.47 -$1.23*
Hogs: Lower Futures: Mixed Lean Equiv: $98.82 -$1.82**
*Based on the formula estimating live cattle equivalent of gross packer
revenue. (The Live Cattle Equiv. The index has been updated to depict recent
changes in live cattle weights and grading percentages.)
** based on formula estimating lean hog equivalent of gross packer revenue.
GENERAL COMMENTS:
Cattle futures found support, keeping the recent uptrend intact. Cash cattle
have yet to trade for the week, leaving traders friendly but cautious. Futures
may trade mixed as traders seem to have little appetite to remain overly
exposed over a weekend as no one knows what news may develop. Feedlots may hold
for no less than steady cash, and if it is not received, they will hold cattle
over to next week. Cattle numbers are tight, and nothing definite has
materialized from the large planned beef imports. Boxed beef prices were lower
in both categories. Choice was down $2.40 and select down $0.28.
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