DTN Early Word Livestock Comments 09/02 06:16

DTN Early Word Livestock Comments 09/02 06:16 Choppy Pre-Holiday Trade Expected Live cattle futures were able to hold their own Thursday despite cash trading lower and in line with the light trade that developed on Wednesday. Feeder cattle futures were able to gain on lower corn. Hog futures held well despite pressure from lower cash and cutouts again. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $191.35 -$0.37* Hogs: steasdy Futures: Mixed Lean Equiv: $109.87 -$1.33** *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 traded in a tight range of $1.00 or less Thursday as traders looked at cash following the same levels established Wednesday. Southern cattle traded $1.00 lower with dressed cattle in the North down $4.00 to $5.00. Traders did not put much emphasis on the weakness of corn as lower corn futures might be temporary. Boxed beef was lower again with choice down $0.27 and select down $1.15. Trading activity and volatility are expected to be reduced as the market prepares for a three-day weekend. Feeder cattle responded to lower corn but not with gusto. Futures closed about $1.00 off their highs as traders seemed to lose interest as the day progressed and the potential for a bounce in corn prior to the weekend was anticipated. Feeder cattle at recent auctions have been moving at lower prices as buyers turned less aggressive.