DTN Early Word Livestock Comments 09/15 06:17

DTN Early Word Livestock Comments 09/15 06:17 Weekly Export Sales Released Thursday Live cattle drifted Wednesday as traders waited for cash activity, which did not surface as feedlots and packers held their bids and offers without compromise. Feeders were higher as minor strength stemmed from lower corn. Hogs retraced some large gains of Tuesday as the market was overdone and cash settled back. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $188.58 -$2.40* Hogs: Lower Futures: Mixed Lean Equiv: $114.65 +$2.11** *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: Traders waited for cash cattle to move and were disappointed, leaving the market floundering. There were a few dressed sales at $1.00 higher in Nebraska, but the volume was very light and did not lend itself to solid price direction. Cattle will trade Thursday, but there is no way of anticipating who will give in. Feedlots seem adamant to hold, possibly forcing the hand of packers. The concern is that boxed beef took a hit Wednesday with choice down $3.19 and select down $3.47. However, slaughter pace remains strong. The Biden administration indicates a tentative deal has been reached with the railroad, avoiding a strike Friday. This may alleviate some of the uncertainty in the market.