DTN Early Word Opening Livestock 11/22 06:12

DTN Early Word Opening Livestock 11/22 06:12 Limited Trading Range Expected For Cattle Live cattle futures held well again yesterday in spite of the significant decline of feeder cattle futures. Traders were willing to hold out another day as the Cattle-on-Feed report looms. By Robin Schmahl DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $151.66 -1.43* Hogs: Higher Futures: Higher Lean Equiv: $86.32 -5.11** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Live cattle futures held well again yesterday in spite of the significant decline of feeder cattle futures. Traders were willing to hold out another day as the Cattle-on-Feed report looms. Their resolve may be tested today as the market has consolidated for over a week. Further declines in boxed beef may be in focus more as trading activity opens today. Support for the complex stems from cash cattle trading $1 to $2 higher this week, but that may not be a factor in today's trading activity. However, the fact that cattle are current with slaughter in October one percent above a year earlier at 2.98 million head with weights down 3 pounds from a year ago is keeping support under the market. It may take lower than expected supply on the report this afternoon in order to move prices higher. Otherwise, some premium could be taken out of the market rather quickly as funds may liquidate.