DTN Early Word Livestock Comments 10/29 06:37

DTN Early Word Livestock Comments 10/29 06:37 Follow-through Strength Expected in Hogs Cattle and hog futures did an about face Thursday with cattle suffering triple-digit losses while hogs showed triple-digit gains. It seemed that the expiration of October feeder cattle Thursday and the last trading day for cattle Friday caused the market to melt back. Hogs made a nice technical bounce. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $212.68 +0.82* Hogs: Steady Futures: Higher Lean Equiv: $100.97 +0.53* *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: Friday is the last trading day for October live cattle with price falling back to get in line with cash. There had been hope that cash cattle would trade higher Thursday capitalizing on already higher cash business already done this week, but the disappointment of limited cash trade at prices already set for the week, triggered weakness. Higher weekly export sales than the previous week was not sufficient to stem the weakness that permeated through the cattle complex. The outlook remains for tightening cattle supplies through the end of the year with demand expected to remain strong, but that took a back seat Thursday. Boxed beef was higher with choice up $1.26 and select up $0.95, giving the impression a bottom may be in place.