DTN Early Word Livestock Comments 01/10 06:26

DTN Early Word Livestock Comments 01/10 06:26 Higher Cash is Anticipated Wednesday Cattle were on a roller coaster Tuesday with early strength running out of gas and futures falling lower, only to find buying interest moving into the close. Nearby feeder cattle struggled through the close. Hog futures had another good day with nearby contracts outperforming deferred contracts. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Higher Live Equiv: $205.75 +$1.39* Hogs: Higher Futures: Mixed Lean Equiv: $91.21 -$0.49** *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: Early strength was not able to hold Tuesday, allowing cattle futures to fall back into negative territory for a period before buying interest regained footing and moved futures to a positive close. There was no further direction from cash as bids or offers have yet to be posted. This may keep futures in a holding pattern until cash trades or there is an indication whether packers are bidding more aggressively. Bids and offers likely were not posted as most were dealing with or keeping watch on the adverse weather covering much of the country. Tuesday's slaughter totaled just 94,000 head -- 32,000 less than a week ago and 34,000 below a year ago due to the winter storm impacting many areas. Monday's slaughter was revised down to 104,000 head -- 11,000 less than initially reported. Boxed beef was higher with choice up $1.33 and select up $3.47.