DTN Early Word Livestock Comments 09/26 06:28

DTN Early Word Livestock Comments 09/26 06:28 Traders Find Little to Get Excited About There was not much volatility in the livestock complex Wednesday. Cattle traders are waiting for cash activity and hog traders are looking ahead to the Quarterly Hogs & Pigs report. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $218.56 -$2.60* Hogs: Lower Futures: Mixed Lean Equiv: $100.15 +$0.14** *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 traders did not have much to go on, leaving Wednesday's trading activity lethargic. The focus is on the cash market and what the packers must do to purchase cattle. They did not purchase many ahead for deferred delivery last week, leaving them in a position that they may need to be aggressive. However, the weakness of boxed beef is a cause for concern as it indicates demand remains slower than desired. The packers do not have much profit margin and will try to do what they can to maintain what little they have. Boxed beef prices Wednesday took a hit with choice down $3.72 and select down $3.59. It will be up to feedlots whether they want to hold cattle over for another week or if they will be content with steady prices.