DTN Early Word Livestock Comments 10/11 06:17

DTN Early Word Livestock Comments 10/11 06:17 Trader Uncertainty Expected to Continue The livestock complex just seemed to float Tuesday as traders could not find any solid direction. The financial markets, world events, and the upcoming World Agricultural Supply and Demand report are keeping traders cautious. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $220.56 -$1.47* Hogs: Steady Futures: Mixed Lean Equiv: $100.10 -$1.99** *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 futures held support Tuesday, keeping the market in a trading range. The direction of cash this week is anyone's guess, but steady money may be the likely outcome. Boxed beef declined Tuesday with choice down $2.36 and select down $1.35. This should not be a concern after the strength seen recently, but it may indicate retail demand has been refilled with prices choppy. The fact that cattle supplies remain tight should continue to support the market, but that support may be without moving back to contract highs and might be at lower price levels than currently seen. Feeder cattle exhibited bull-spreading Tuesday as it was a less risky way to be in the market for the time being. Prices paid for feeder cattle compared to last week are mixed.