DTN Early Word Livestock Comments 02/11 06:16

DTN Early Word Livestock Comments 02/11 06:16 Feedlots Seem More Anxious To Sell Cattle futures rebounded Monday because contracts were oversold relative to cash. Liquidation can move the market more than it should and the price needs to correct. Hogs showed pressure during the day, but were able to close mixed. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Higher Live Equiv: $237.86 +$1.02* Hogs: Higher Futures: Higher Lean Equiv: $105.27 +$2.62** *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: The anticipation that feedlots may be more anxious to move cattle now that higher trend for cash may have ceased may come to fruition. Showlists are higher, indicating a greater desire to sell cattle. No bids or offers were posted Monday, leaving traders guessing about price direction. Boxed beef prices were higher with choice up $1.63 and select up $1.02. Even though cattle futures bounced Monday, the downtrend is still intact. Traders may be cautious about buying into the market aggressively until they see cash trade develop. Feeder cattle bounced but prices in the country were lower last week and remained that way Monday.