DTN Early Word Livestock Comments 10/23 06:24

DTN Early Word Livestock Comments 10/23 06:24 Hog Futures Continue to Find Support Traders were optimistic in the livestock complex Tuesday. Live cattle futures regained the losses of the past weeks with feeder cattle trying to erase the recent losses. Hog futures agin pushed to new contract highs in February through October contracts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $233.75 +$0.24* Hogs: Higher Futures: Higher Lean Equiv: $103.16 -$0.97** *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: Traders are optimistic over cash this week and are not shy about supporting the market. Cash trade may not take place until Friday but the anticipation is for no less than steady cash. The upcoming Cattle on Feed report was not enough to keep the market in a choppy sideways range. Boxed beef prices were mixed with choice up $1.10 and select down $1.41, but that is not expected to put much pressure on futures Wednesday. Feedlots are hoping for further strength in futures, helping to provide some leverage for higher cash this week. The cattle numbers are tight and it sems the reduction of slaughter is having little impact on backing up cattle. Feedlots are not being forced to moved them and are able to hold for higher prices.