News & Resources

DTN Early Word Livestock Comments 09/29 06:24

29 Sep 2021
DTN Early Word Livestock Comments 09/29 06:24 Hogs Expected to Settle Down Live cattle remained in a tight trading range Tuesday while feeder cattle found its legs after the fall on Monday gaining back some of the losses. Hogs floundered for a while at the open, but more aggressive buying interest from traders pushed October through April contracts to triple-digit gains. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $222.46 -0.57* Hogs: Steady Futures: Mixed Lean Equiv: $115.32 -3.83** * based on formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv. 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: Live cattle futures may have found a level at which they may be comfortable for the time being. Futures are carving out a sideways trading range with the market factoring in current fundamental news. The pressure on the financial markets will have an influence on the cattle complex as it generally does. There was no activity in the cash cattle market Tuesday with none expected. Even though there had been no cash activity and limited bids and offers, cash is not expected to move the needle very much. Packers continue to watch the weakness of boxed beef and the inability of futures to rebound after large recent decline. Boxed beef was lower with choice cuts down $1.14 and select cuts down $0.03. Feeder cattle rebounded somewhat Tuesday, but likely due to the market being overdone to the downside on Monday.