DTN Early Word Livestock Comments 01/12 06:31

DTN Early Word Livestock Comments 01/12 06:31 Some Liquidation May Take Place Ahead of Extended Weekend Most of the livestock complex showed green on the screen as both cattle and hogs turned higher after early losses Thursday. Hogs struggled for much of the day but managed a higher close in most contracts. The winter storm will limit livestock movement and possibly sales. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $210.00 +$2.03* Hogs: Lower Futures: Lower Lean Equiv: $91.22 -$2.13** *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: Cash cattle trade has been limited so far. One reason is feedlots and packers are not agreeing on a price and the other is that livestock may not be put out for sale this week due to the adverse weather. Cattle slaughter will be quite a bit lower, but that may not support price as demand may be affected. However, beef demand has been good this week, as reflected in boxed beef. Boxed prices increased significantly Thursday with choice up $2.82 and select up $3.00. Most cattle sales so far took place in Iowa at steady money with last week while a limited volume of cattle in Nebraska traded $2.00 lower. Cash could go either way, but it seems to be leaning toward mostly steady trade. Many traders will have their attention focused on the WASDE and Quarterly Stocks reports, due out at 11 a.m. CST Friday.