DTN Early Word Livestock Comments 10/10 06:15

DTN Early Word Livestock Comments 10/10 06:15 Higher Grain Futures May Put Pressure on Cattle The livestock complex just could not get much going on Friday. Mixed trade dominated the markets for live cattle and hogs while feeder cattle were under pressure with mostly triple-digit losses. Livestock futures managed to close higher on the week. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv $181.85 -$1.04* Hogs: Lower Futures: Mixed Lean Equiv: $109.31 +$0.06** * 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: Once cash trading was set for the week, live cattle had little more to generate excitement. There is anticipation cash may trade higher again this week, but that remains to be seen. Traders are expected to be somewhat cautious to begin the week waiting for showlists and slaughter pace. Boxed beef prices will need to trend higher to generate some real excitement. Boxed beef on Friday was lower with choice down $1.29 and select down $0.86. Demand is holding well with slaughter pace remaining strong. This may require packers to be aggressive as they need cattle to keep animals moving through slaughter. Feeder cattle succumbed to the pressure from high corn prices. Some cash prices seen at auctions are lower which may be the result of higher feed prices as well as a greater amount of calves and feeder cattle being offered for sale at the present time.