DTN Early Word Livestock Comments 01/09 06:18

DTN Early Word Livestock Comments 01/09 06:18 Hog Futures May Take a Breather Cattle futures made a $3.00 price swing Monday with early strength running out of steam. Futures slipped lower into the close. Feeder cattle closed mixed. Hogs had a third consecutive day of gains, pushing futures to the high end of the trading range. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $204.36 +$0.79* Hogs: Higher Futures: Mixed Lean Equiv: $91.70 +$0.82** *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: The cattle complex showed strong optimism early Monday, only to see the buying interest wane as the day progressed. This keeps the market in the trading range it has recently developed. The winter storm seems to have been factored into the market, resulting in little support from that event. No bids or offers were posted Monday, as usual, leaving traders guessing as to cash activity. Feedlots will hold for at least steady cash. Packers may need to step up to the plate to procure the needed cattle for slaughter. Boxed beef was mixed with choice up $1.67 and select down $0.17. Feeder cattle contracts were mixed with some spreading activity putting pressure on the May and August contracts.