DTN Early Word Livestock Comments 11/13 06:23

DTN Early Word Livestock Comments 11/13 06:23 Traders May Not Be Active Buyers Cattle futures took a beating last week but may not yet have found solid support. Lower cash trade last week may be difficult to overcome this week. Hogs held their own again, seemingly building a sideways trading pattern. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $217.60 +$0.09* Hogs: Steady Futures: Mixed Lean Equiv: $ 96.61 +$2.48** *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: Cash cattle closed the week with cash down $4 to $5 for both live and dressed cattle. The weakness of cash was both anticipated by traders and then confirmed by cash. The damage has been done and a recovery will fall far short of where the market was in September. Just last week, both live cattle and feeder cattle futures fell around $10.00. Even though futures closed mixed for live cattle and higher for feeder cattle, new lows on Friday keep a bearish tilt on the market. Boxed beef closed mixed with choice up $1.04 and select down $2.00. It will be a week filled with both anticipation and apprehension as the Cattle on Feed report will be released Friday and the government short-term funding deadline is Friday with little progress made so far on that front. It could be a volatile week for commodities but potentially little support for cattle. There was no Commitments of Traders report on Friday due to the observance of Veterans Day. It should be released Monday.