DTN Early Word Livestock Comments 12/28 06:17

DTN Early Word Livestock Comments 12/28 06:17 Traders Wait For Direction From Cash Live cattle were under some pressure Wednesday as the trade awaits cash activity. Hogs saw some spread trading with February the recipient of the buying interest. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $211.00 -$0.85* Hogs: Steady Futures: Mixed Lean Equiv: $89.03 +$0.40** *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: December live cattle futures may not change much as the contract goes off the board Friday. The rest of the contracts will be influenced by the development of cash activity. Outside of that, there is limited fundamental reason for the market to change much. Holiday trade may move the market erratically as traders want to make some money but also position themselves for the end of the year to settle their books. No cash activity took place Wednesday as only a few bids were placed and were met with no interest from feedlots. Some activity should surface Thursday, but it likely will be limited. Feeder cattle did much better with the January contract closing at the highest level since Nov. 22. Unfortunately, boxed beef closed lower with choice down $1.83 and select down $0.87.