DTN Early Word Livestock Comments 12/20 10:15

DTN Early Word Livestock Comments 12/20 10:15 Traders Look Ahead to Two Major Reports Cattle could not hold onto their gains Tuesday into the close. This may be the pattern through the end of the year unless cash trades steady to higher this week. Hogs opened lower and just could not move back into positive territory. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $210.25 -$0.20* Hogs: Lower Futures: Lower Lean Equiv: $89.68 -$0.91** *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 looking ahead to the rest of the week with caution. They await cash trade to see whether it may provide at least steady cash and they are looking ahead to the Cattle on Feed report Friday. Generally, we may see more positioning of traders beginning about a day or two ahead of the report, but due to Christmas and some thoughts already turned toward travel and the holidays, trader positioning may be more prominent Wednesday. On-feed numbers as of Dec. 1 are estimated at 102.2%. Placements in November are estimated at 95.9% with marketings at 93.3%. Cash trade was quiet Tuesday with packers and feedlots waiting for each other to tip their hand. Boxed beef was lower with choice down $0.10 and select down $0.56.