DTN Early Word Livestock Comments 09/11 06:21

DTN Early Word Livestock Comments 09/11 06:21 Traders Search For Price Direction Wednesday The livestock market was void of excitement with futures closing mixed in all categories Tuesday. There was little traders could hang their hats on for direction. Cash cattle did not trade and hogs could not find the support needed to generate aggressive buying interest. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $226.44 -$0.47* Hogs: Higher Futures: Mixed Lean Equiv: $100.91 -$0.92** *Based on the formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv. The 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 more or less drifted through Tuesday, finally closing mixed. The price increases Monday were technically driven and did not continue without fundamental support. Traders did not find anything to get excited over on Tuesday as cash cattle did not trade and boxed beef was lower. The market desperately needs some positive news to turn the trend back up. Boxed beef prices were lower with choice down $0.29 and select down $1.48. the expectation is for cash to trade no better than steady this week. The packers have yet to reveal their bids and will wait until they see the asking prices and the showlists.