DTN Early Word Livestock Comments 11/12 06:18

DTN Early Word Livestock Comments 11/12 06:18 Strong Pork Demand Pushes Prices Higher Cattle traded on both sides of unchanged Monday managing a slightly higher close. Feeder cattle fared better, trading in line with live cattle. Hog futures found more to be positive over with April through October contracts closing at new highs. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $222.80 +$0.70* Hogs: Higher Futures: Mixed Lean Equiv: $107.37 -$0.92** 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 closed higher Monday but are struggling to gain solid footing. It was positive to see higher boxed beef with choice up $0.28 and select up $2.65. This pattern was seen last week, only to see boxed beef prices resume weakness as time progressed. A similar pattern could be seen this week. Futures need to find support soon or the market could see another liquidation phase. Cattle supplies have not suddenly increased but demand has slowed for the time being. There is no slowing down in demand for feeder cattle as available supplies are tighter and the outlook for cattle prices remains positive.