DTN Early Word Livestock Comments 12/18 06:14

DTN Early Word Livestock Comments 12/18 06:14 Livestock Traders Search For Price Direction Live cattle futures chopped around Tuesday as traders tried to find solid price direction. However, feeder cattle posted triple-digit gains, recovering the previous day's losses. Hog futures tried rebounding but traders were reluctant to buy aggressively without fundamental support. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $228.41 -$1.06* Hogs: Lower Futures: Lower Lean Equiv: $100.63 -$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: It seemed as if traders began focusing on the upcoming Cattle on Feed report Tuesday due to the uncertainty of price direction. It was too early to position themselves ahead of the report, but it seemed as if they did not want to trade aggressively in either direction. The cash cattle trade has not yet been established, leaving traders guessing as to the needs of packers. Boxed beef prices were lower with choice down $1.74 and select down $1.07. The average estimates for the Cattle on Feed report are for on feed as of Dec. 1 at 99.9% of a year ago. Placements in November at 95.9% and marketed in November at 98.2%. Feeder cattle pushed higher Tuesday regaining Monday's losses and holding in a sideways pattern.