DTN Early Word Livestock Comments 10/21 06:09

DTN Early Word Livestock Comments 10/21 06:09 Trading Activity to Revolve Around Cattle On Feed Report Livestock futures did not show quite the exuberance they had the first half of the week. However, live cattle and hogs held their ground. Cash cattle traded higher as anticipated. Hog futures floundered somewhat as they only had a strong export sales report to go on. Cash and cutouts prices were not available. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $186.89 +$0.12* Hogs: Higher Futures: Higher Lean Equiv: Unavailable** *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: Southern cattle traded $3.00 higher at $148. More will need to be done today to round out the week as Northern cattle showed very limited activity. Feedlots are resolved to hold pushing packers into a corner. If they want to do business this week, cash will need to trade at least $3.00 higher across the board. Packers certainly do not want to go into next week short-bought. Boxed beef prices were mixed with choice up $0.23 and select down $0.11. Weekly export sales did not provide much support as they were ok, but not exceptional at 16,600 MT. Mixed trading activity may dominate today's trade as the Cattle on Feed report will be released this afternoon. The average trade estimate for cattle on feed is 99.1 percent. Placements are estimated at 96.2 percent with marketings at 103.9 percent.