DTN Early Word Livestock Comments 11/20 06:24

DTN Early Word Livestock Comments 11/20 06:24 Strength in Cattle Futures May Temper Wednesday Cattle futures were the recipients of buying interest Tuesday with feeder cattle the leaders, but live cattle were not far behind. Hogs struggled much of Tuesday, closing mixed and not on the lows of the day. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $221.27 -$0.03* Hogs: Higher Futures: Lower Lean Equiv: $100.63 -$2.89** *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: Feeder cattle again were the leaders Tuesday, but live cattle did not lag far behind. There has not been a significant change in boxed beef with prices mixed. Choice gained $1.51 while Select declined $3.54. It has been somewhat surprising that traders were as aggressive as they have been over the past three days. The anticipation of this week is for cash to be no better than steady with the potential for lower cash as the packers have some cattle already purchased ahead. Dressed cattle weights averaged 924.1 pounds last week, down 3.2 pounds from the previous week, but remain at record high levels. Weights are expected to decrease through the winter but still remain large. The Cattle on Feed report estimates are for on-feed Nov. 1 at 99.9%. October placements are estimated at 103.3%. Marketings in October are estimated at 105.1%.