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DTN Early Word Livestock Comments 09/19 06:19

19 Sep 2023
DTN Early Word Livestock Comments 09/19 06:19 Hog Futures May Find Support Live cattle futures took a breather while feeder cattle fell on profit-taking Monday. The weakness of grain had no impact on cattle trade. Hog futures posted a fourth day of losses in all but the October contract, which barely closed in positive territory. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $224.50 -$0.13* Hogs: Higher Futures: Higher Lean Equiv: $108.07 +$2.67** *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: Most of the cattle purchased last week were for immediate needs with a limited amount purchased for deferred delivery. This should leave packers aggressive again this week with cash trade likely taking place earlier rather than later. However, it is the week of the Cattle on Feed report, which does have the tendency to push cash cattle trade to the day of the report, even though it may not make any difference. The report, whether bullish or bearish, may not impact trade very much. We have seen some bearish reports a few times over the past year, yet cattle prices continue to make new highs. Funds traders are net long the market and are comfortable holding those positions. Boxed beef prices were mixed with choice down $0.39 and select up $0.29.