DTN Early Word Livestock Comments 10/19 06:22

DTN Early Word Livestock Comments 10/19 06:22 Markets Search for Direction Live cattle closed mixed Wednesday as traders contemplate cash for the week and the upcoming report. Feeder cattle seem to be aiming to test the recent lows again. Hogs were mixed with minor gains and losses. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $222.02 -$0.70* Hogs: Steady Futures: Mixed Lean Equiv: $ 94.94 -$1.60** *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 cattle futures are having a difficult time trying to move higher. This week may be difficult anyway due to the Cattle on Feed report to be released Friday. Traders may be more cautious about this report due to the wide estimates for placements. Placements are estimated at 101.6% with a range of estimates from 95.9% to 104.8%. Cattle on feed as of Oct. 1 is estimated at 99.8% of a year ago. Marketed in September is estimated at 90.3%. Cash has yet to develop sufficiently for any trend to be established with a few more cattle traded in Iowa Wednesday. Boxed feed closed lower after a few days of strength. Choice declined $1.28 with select down $0.28. Weekly export sales Thursday morning will hopefully be better than last week. Feeder cattle may test the recent lows. A break below that level could trigger further selling pressure.