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DTN Early Word Livestock Comments 09/30 06:14

30 Sep 2022
DTN Early Word Livestock Comments 09/30 06:14 Hog Futures Should Find Support Cattle futures found support through short-covering and technical buying due to being oversold, as well as a good weekly export sales report. Hog futures remained in positive territory for much of Thursday but weakened into the close as traders positioned for the Hogs & Pigs report. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $182.94 -$0.49* Hogs: Steady Futures: Higher Lean Equiv: $106.88 -$1.97** *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: The cattle complex finally showed a positive day, but not until after futures made a lower low than Wednesday. Strong weekly export sales were responsible for the higher opening, but contracts then made a lower low before triggering some short-covering as traders stepped into the market. Weekly exports sales totaled 21,500 metric tons (mt) with China the second largest buyer. Some cash cattle traded Thursday with prices in line with the week. Southern cattle traded steady with Northern dressed cattle $1.00 lower. Boxed beef was mixed with choice down $1.47 and select up $0.57. October feeder cattle are now the front-month contract. Futures bounced nicely after technical traders bought the market. Feeder cattle auctions are not seeing higher prices this week as more animals have become available.