DTN Early Word Livestock Comments 09/20 06:17

DTN Early Word Livestock Comments 09/20 06:17 Mixed Futures Trading Expected Cattle futures coasted along without any cash activity Tuesday. Traders may be focusing on the upcoming Cattle on Feed report. Hog futures posted nice gains as traders reacted to Monday's stronger cash and cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $222.56 -$1.94* Hogs: Steady Futures: Mixed Lean Equiv: $108.24 +$0.17** *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: There was nothing in the cattle complex to trigger aggressive buying Tuesday. It is likely cash might be higher this week, but traders did not buy into that idea Tuesday. Higher cash is already factored in with the possibility cash could trade steady with last week. Packers may not be overly aggressive to purchase as there is weakness in boxed beef. Tuesday, choice cuts were $3.20 lower with select cuts down $1.63. Traders are turning their attention to the Cattle on Feed report to be released Friday and may be positioning themselves ahead of the report. On-feed numbers as of Sept. 1 are estimated at 97.6% of a year ago. Placements in August are estimated at 93.6% with marketings at 94.4%.