DTN Early Word Livestock Comments 11/02 06:17

DTN Early Word Livestock Comments 11/02 06:17 Traders Wait for Cash The cattle complex was able to hold up with traders anticipating at least steady cash this week. Light trade took place in Kansas and Texas. Hog futures held up well much of the day but succumbed to selling pressure into the closing bell. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $220.99 -$1.72* Hogs: Lower Futures: Lower Lean Equiv: $ 93.76 +$0.02** *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: Traders are optimistic cash cattle trade might be no worse than steady this week. There was some light trade in Kansas and Texas at $185 Wednesday, but activity was limited and not necessarily representative of what will take place for the week. The bids and offers posted are $4 to $5 apart but will come together with more business happening Thursday. Front-month December live cattle did not do much as it took over as the lead month on Wednesday, only posting a gain of $0.07 cents with traders focusing more on later contracts. December poked slightly more into the chart gap during Wednesday but was unable to close the gap. Boxed beef took a hit with choice down $3.00 and select down $0.95. Feeder cattle mirrored live cattle somewhat with little direction from fundamentals.