DTN Early Word Livestock Comments 09/12 06:15

DTN Early Word Livestock Comments 09/12 06:15 Mixed Ideas on Market Direction The livestock complex was higher across the board to close out last week. It seemed the weakness of the U.S. dollar provided the strength. The livestock complex itself did not have much support from cash. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $190.67 -$0.68* Hogs: Steady Futures: Mixed Lean Equiv: $110.64 +$0.44** *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 ended the week higher with buying interest stemming from the weakness of the U.S. dollar. Most commodities found strength Friday because of the lower dollar. Cash cattle did not change from what had been established earlier in the week. Boxed beef was lower with choice down $0.75 and select down $1.31. This did not provide any direct fundamental support. However, there is anticipation packers will need to be more aggressive this week due to their lack of aggressiveness over the past few weeks. It is unlikely they have many cattle contracted ahead and will need to step up to purchase cattle to maintain a strong slaughter pace. However, corn prices are trending higher and may have an impact on the willingness of feedlots hold cattle for higher prices.