DTN Early Word Livestock Comments 10/31 06:22

DTN Early Word Livestock Comments 10/31 06:22 Cash Cattle Weakness May Add Further Pressure Thursday Cattle futures were under pressure for the second day Wednesday as further liquidation gripped the market. Some light cash cattle trade took place at steady to lower money. Hogs pushed to new contract highs again with December leading the way, supported by cash and cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Lower Live Equiv: $230.10 -$0.83* Hogs: Lower Futures: Higher Lean Equiv: $107.46 +$0.50** *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 may see further weakness Thursday as the market corrects from being overbought and due to positioning for the end of the month. Weakness in cash cattle trade also added to the pressure as some traded $2.00 to $3.00 lower. It will be interesting to see how many will trade at steady cash and how many at lower prices as the second half of the week progresses. Boxed beef prices were lower with choice down $1.17 and select down $0.64. Boxed beef prices weakening indicates slow demand. It may be temporary but will influence cash trade. The October live cattle contract goes off the board Thursday, leaving December as the front month.