DTN Early Word Livestock Comments 01/23 06:18

DTN Early Word Livestock Comments 01/23 06:18 Livestock Futures May Show Strength Tuesday The livestock complex was mixed Monday. Traders did not find anything solid to hang their hats on. There is cash uncertainty this week, which leaves traders cautious. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $219.85 +$2.31* Hogs: Higher Futures: Mixed Lean Equiv: $96.81 +$1.61** *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 showed uncertain trade throughout Monday as traders did not know what to do after the neutral Cattle on Feed report. Some of the trading activity was confined to spread trading with nearby months showing losses and later months showing gains. Indications are packers may need to be more aggressive with their purchases this week, but whether that will result in higher prices is too early to tell. No interest was shown with bids or offers on Monday, leaving traders uncertain. Boxed beef was higher with choice up $3.17 and select up $3.53. The recent strength of boxed beef may require packers to be more aggressive as demand needs to be met.