DTN Early Word Livestock Comments 09/27 06:15

DTN Early Word Livestock Comments 09/27 06:15 Hog Futures May See Further Weakness Friday Cash cattle traded higher and should support the market Friday. Feedlots succeeded in getting packers to pay more for their cattle. Hogs closed lower but rebounded nicely from the lows earlier Thursday. Traders positioned ahead of the Quarterly Hogs & Pigs report. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Higher Live Equiv: $217.48 -$1.08* Hogs: Lower Futures: Mixed Lean Equiv: $100.69 +$0.54** *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 were higher Thursday with front-month October posting the greatest gain. Traders anticipated cash cattle could trade at least steady this week and were rewarded as packers stepped up aggressively. Northern dressed cattle traded as much at $4.00 higher while Southern live cattle traded $2.00 higher. This was a win for feedlots as their persistence paid off. This should provide further support to the futures market. Weekly export sales did not provide support as sales were 38% below a week ago. Boxed beef prices continue the lower trend with choice down $1.80 and select down $0.91.