DTN Early Word Livestock Comments 09/11 06:23

DTN Early Word Livestock Comments 09/11 06:23 Traders to Begin Week With Caution Cattle futures did not see the exuberance of the previous two days, but most contracts closed slightly higher Friday. Steady-to-higher cash paid for cattle was factored in. Hogs took it on the chin again as the market continues to chop around on nearly a daily basis. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $228.79 -$0.66* Hogs: Steady Futures: Higher Lean Equiv: $104.92 +$3.56** *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: Cash cattle showed light trade Friday with prices in the South mostly at $180, which was $1.00 higher than the previous week and $290 to $292 in the North and steady to $2.00 higher. Another week is before us, and it is a guessing game as to cash potential. We know cattle supplies are tight, which should continue to support the market; but there will also be a threshold as to what consumers will pay for beef. International demand was a bit lower according to the weekly export sales report with 11,900 metric tons (mt) of beef exported. This was a decrease of 34% from the previous week. Boxed beef was mixed with choice up $1.24 and select down $0.12. The Commitment of Traders report showed funds increasing their long positions in live cattle by 52 contracts, bringing their net-long positions to 94,767 contracts. Funds decreased their longs positions by 1,476 bringing their net long positions to 13,187 contracts.