DTN Early Word Livestock Comments 01/11 06:17

DTN Early Word Livestock Comments 01/11 06:17 India to Allow Imports of Pork and Pork Products The livestock complex was a sea of red Monday as there was nothing that could overcome the bearish attitude. It was not because of demand or higher meat values, but the fact that animals are not being processed. India has agreed to import pork and pork products. Robin Schmahl DTN Contributing Analyst Cattle: Lower. Futures: Lower. Live Equiv: $206.69 +$3.22* Hogs: Steady. Futures: Higher. Lean Equiv: $93.31 +$0.52** *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: Cattle came under pressure as traders are concerned over the slaughter pace. Packers would like to purchase more cattle to run higher chain speeds, but the disruption of the workforce is prohibiting it. Feedlots would like to move market-ready cattle rather than hold them and continue to feed them with high priced corn. The result is expected to be lower cash this week with estimates of $1.00 to $2.00 lower. Packers have been able to purchase cattle for deferred delivery, which increases some of the negativity of the market. Demand continues to remain strong with boxed beef prices significantly higher. Choice cuts gained $4.22 with select up $5.40. The Commitment of Traders report showed funds as net buyer of 2,744 contracts moving their net long positions to 72,346.