DTN Early Word Livestock Comments 09/22 06:29

DTN Early Word Livestock Comments 09/22 06:29 Choppy Trade Expected Cattle futures just could not generate any specific direction. This might be the pattern for the rest of the week as traders look ahead to the Cattle on Feed report. Hogs traded lower due to continued cash weakness and demand uncertainty. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $227.91 -2.70* Hogs: Lower Futures: Higher Lean Equiv: $109.98 -0.13** * based on formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv. 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: Traders do not have much to get excited over in the cattle complex. The upcoming Cattle on Feed report on Friday is being assessed with traders generally neutral over it. The previous report was bullish but ended up setting a top in the market, and it never looked back. The question is whether this report could set a bottom. Traders may be unwilling to guess, resulting in mostly sideways trading through Friday. The current estimate for the report is for on-feed numbers to be 98.1% of last year. Placements at 99.5% and marketings 99.8%. Cash cattle trade was void of any activity Tuesday with boxed beef plummeting again. Choice cuts fell $4.29 with selects cuts down $2.74.