DTN Early Word Livestock Comments 11/17 06:15

DTN Early Word Livestock Comments 11/17 06:15 Anxiety Over the Report to Dominate Trade Cattle futures took a beating with contracts eliminating nearly all of what had been gained this week. Lower cash trade and the Cattle on Feed report increased the selling. Hog futures came back from their losses as funds defended their long positions and cash looked better. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Lower Live Equiv: $214.72 -$0.86* Hogs: Lower Futures: Mixed Lean Equiv: $93.11 -$0.90** *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 opened slightly lower and declined throughout the day as lower cash cattle trade developed following Wednesday's pattern. Cash trade developed in the South at $3 lower with dressed trade in the North continuing $4 lower. This strikes a blow to the complex as it increases the difficulty for the market to find strong buyer interest. The focus today will be the Cattle of Feed report that will be released after the close. The concern for traders is the placement number at 107% with a range of 101% to 108%. The October report is all too fresh in traders' minds and the impact it had on the market. The average estimates for on-feed as of November 1 is 102.1% compared to a year ago. Analysts estimate marketings in October at 98.1%. Boxed beef did not fare well yesterday with choice down $1.61 and select down $0.20. Feeder cattle futures fell in line with live cattle and shared the concern of the report and demand.