DTN Early Word Livestock Comments 12/24 06:10

DTN Early Word Livestock Comments 12/24 06:10 Traders' Interest Is Expected to Be Limited Live cattle futures could not find the support they needed on Monday as traders are uncertain about cash strength this week. The strength of the cattle complex was confined to the January feeder cattle contract. Hogs fell back ahead of the Quarterly Hogs and Pigs report as traders positioned themselves to reduce exposure. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $228.15 +0.24* Hogs: Lower Futures: Lower Lean Equiv: $100.51 -$2.66** *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: Live cattle futures chopped around spending little time in positive territory in general. The Cattle of Feed report was digested and provided little direction for traders. Cash likely will not trade until later in the week and may be lighter than usual due to the holidays. It is uncertain how aggressive the packers will be due to having purchased cattle for deferred delivery last week. They could try to do the same this week to better position themselves. Boxed beef prices were higher with choice up $0.13 and select up $0.84. January feeder cattle showed significant strength on Monday as it was the contract that traders were able to push to take advantage of the movement to scalp a quick profit. It is a shorter trading day today with the markets closing at 12:05 Central time.