DTN Early Word Livestock Comments 09/17 06:14

DTN Early Word Livestock Comments 09/17 06:14 Livestock Traders Unable to Find Solid Direction Cattle futures drifted during the day finally coming to rest with slight losses in live contracts and mixed prices in feeder contracts. Hog futures posted nice gains led by October. Traders showed more optimism over prices this week. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $223.60 -$0.60* Hogs: Lower Futures: Mixed Lean Equiv: $100.31 +$0.32** *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: Cattle futures opened higher and spent some time in positive territory, but the trade lacked conviction. The idea that steady cash this week might support the market seemed to lose some luster. Traders may need to see higher cash to get excited about buying into the market. Cash activity may not take place until late in the week due to the Cattle on Feed report being released on Friday. The general pattern has been that most activity usually takes place on the day of the report. There was some hope for higher boxed beef on the midday report, but prices declined with choice down $0.34 and select down $2.03.