DTN Early Word Livestock Comments 11/24 06:29

DTN Early Word Livestock Comments 11/24 06:29 Shorter Trading Day May Provide Greater Volatility Cattle futures made a valiant attempt to hold in positive territory, but sellers gained the upper hand during the final hour of trade on Wednesday pushing contracts lower. Hog futures closed mixed leaving traders neutral heading into the Thanksgiving holiday weekend. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Lower Live Equiv: $215.62 +$0.11* Hogs: Lower Futures: Mixed Lean Equiv: $92.07 -$0.53** *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 held in positive territory until the final hour of trade on Wednesday as sellers gained the upper hand pushing contracts into negative territory. The hope for a significant price rebound any time soon seems to be dwindling. Closing the chart gaps remaining above the market will take a monumental effort to accomplish. Cash cattle have not done much so far this week with overall trade in the South $1.00 lower at $177 while dressed cattle traded at the steady price of $280. It is uncertain how active cash activity will be today, but anything that is done may be in line with these prices. Boxed beef was mixed with choice up $1.19 and select down $1.15. Feeder cattle futures are expected to drift today as there will be little, if any, sale barn activity as many have been closed for the week.