DTN Early Word Livestock Comments 11/22 06:08

DTN Early Word Livestock Comments 11/22 06:08 Choppy Pre-holiday Trade Cattle futures made a valiant attempt to trade higher on Tuesday, but traders were just not sure of cash this week. The strength ran its course as the market just could not find more buying interest. Hog futures could not uncover any aggressive buying interest as bearish traders piled on the market after futures broke below support and the sideways trading range. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Lower Live Equiv: $215.51 -$0.42* Hogs: Lower Futures: Mixed Lean Equiv: $92.60 -$0.88** *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 trade should take place today as packers will need to purchase supply ahead of Thanksgiving. Only a handful of trades have been made providing no real direction for cash. The inability of cattle futures to hold gains on Tuesday gives the impression traders are not too hopeful for stronger cash. Sure, the Cattle on Feed report was neutral to friendly, but cash trading may not be influenced by the report. Packers are trying to improve margins as they assess boxed beef movement and prices. Boxed beef prices on Tuesday were mixed with choice up $0.06 and select down $2.18. Feeder cattle made a valiant attempt to trade higher but the inability to gain more than they had earlier in the day triggered more aggressive selling with contracts closing nearer the lows of the day.