DTN Early Word Livestock Comments 11/13 06:08

DTN Early Word Livestock Comments 11/13 06:08 Feedlots Seem Anxious to Sell Cattle Livestock futures were higher Tuesday, but traders had little fresh news to trade. A few cattle traded have traded already this week, indicating feedlots may be anxious to move cattle. Hogs continue to push higher on strong packer interest. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $222.46 -$0.36* Hogs: Higher Futures: Mixed Lean Equiv: $103.59 -$3.78** *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 found more aggressive buying interest Tuesday stemming from higher boxed beef prices Monday. However, traders may pause to reflect on boxed beef price on Tuesday with choice up $0.06 and select down $1.92. Some cattle were sold in Iowa at steady money, indicating feedlots may be a bit anxious to move cattle this week. Packers may take advantage of this and hold out with lower bids which could result in lower prices for the week. Slaughter continues to run at a slower pace as packers try to improve margins and match production with demand. Traders attempted to close the chart gaps with that being accomplished in feeder cattle but not in the December live cattle contract. December could trade higher Wednesday to close the gap but may have difficulty finding further support.