DTN Early Word Livestock Comments 11/10 06:32

DTN Early Word Livestock Comments 11/10 06:32 Cash Trade Needed for Further Direction It was a ho-hum day for live cattle futures yesterday as traders were content to hold positions as they saw nothing to get excited about in the cash market as well as from the World Agricultural Supply and Demand report. Hog futures feel again with stops being hit after the market could not find support after closing the chart gap. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Higher Live Equiv: $215.88 -0.02* Hogs: Lower Futures: Mixed Lean Equiv: $ 98.51 -2.31** *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: The trading ranges in cattle Tuesday were fairly tight as traders did not have much to go on to provide market direction. There were a few cattle traded Tuesday but no reported prices to speak of and not enough to determine prices for the week. It is likely more trade may surface Wednesday due to packers needing cattle. Feedlots are expected to hold out until they are able to receive at least $2.00 more than last week. Boxed beef prices were mixed with choice down $0.85 and select up $2.20. The World Agricultural Supply and Demand report did not provide much as a market mover, but it did show an increase of $1.00 for the fourth quarter steer price compared to last month to average $128. Beef production was raised 53 million pounds with imports increased 73 million pounds and exports increased 41 million pounds. Beef exports are forecast to show an increase of 17.1% for the year.