DTN Early Word Livestock Comments 01/06 06:13

DTN Early Word Livestock Comments 01/06 06:13 Tug-o-War Between Feedlots, Packers Live cattle futures showed lackluster trading activity Thursday as the prospect for strong cash gains was reduced. Futures traded in a narrow range throughout the day. Feeder cattle declined even though corn prices did not show any strength. Hogs fell further as pork product prices are struggling and supply is plentiful. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $207.77 -$0.51* Hogs: Lower Futures: Mixed Lean Equiv: $92.46 -$1.51** *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: Live cattle futures traded in a range of less than $1.00 Thursday. Traders were torn between the prospects of tighter beef supplies and the disappointment of cash so far this week. Cash sales were steady in the South and $0.50 higher in the North. This could change as packers need to purchase what they need to fill the week. Boxed beef prices were mixed with choice down $1.26 and select up $0.55. There is growing concern over a potential global recession that could impact the market. JP Morgan reported retail traders unloaded $3.1 billion in assets during the past week, which is the third worst week of selling in history.