DTN Early Word Livestock Comments 12/22 06:24

DTN Early Word Livestock Comments 12/22 06:24 Limited Volatility Ahead of Reports Cattle could not continue the strength of Wednesday as futures likely have steady cash factored in and Thursday traders positioned ahead of the Cattle on Feed report. Hogs exhibited volatility but showed limited change at the end of the day. Positioning ahead of the Hogs and Pigs report may dominate trading. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $210.79 +$0.84* Hogs: Lower Futures: Mixed Lean Equiv: $ 87.97 -$0.01** *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 just could not find sufficient buying interest to support the market Thursday. Steady cash is factored in and looks like it may be a reality. Some trade has developed in Nebraska at $170 live and $270 dressed, while Iowa has seen light trade at $268-$270. It is a bit surprising both sides have been holding without doing business up until the final day of the week and ahead of the holidays. Business may wait until the Cattle of Feed report is released which may not be more beneficial to either side if it comes in near expectations. Cattle 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%. Traders will continue to position themselves ahead of the report and the three-day weekend, which may result in sideways trade. Boxed beef was mixed with choice up $2.00 and select down $0.33.