DTN Early Word Livestock Comments 10/12 06:24

DTN Early Word Livestock Comments 10/12 06:24 Cash Cattle Look Promising It was a nice turnaround for cattle futures Wednesday. Some light cash traded at steady to $1.00 higher, providing traders something to grab hold of. Hogs could not find solid footing, eliminating more of the gains of last week. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $220.00 -$0.56* Hogs: Lower Futures: Mixed Lean Equiv: $99.42 -$0.68** *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: Cattle futures traded lower for a period Wednesday, only to turn higher once some cash cattle traded $1.00 higher than last week. Trade was light, but hope was resurrected for higher cash this week. It is still too early to tell what the bulk of trade will be, but this will provide confidence for feedlots to hold. The concern is that boxed beef was lower with choice down $0.78 and select down $0.85. Part of the attention of traders Thursday will be turned toward the World Agricultural Supply and Demand report and what that could mean for feed prices. However, that may not have much impact as harvest is progressing and sufficient feed is available. But traders will react in the short term based on what the numbers in the report show.