DTN Early Word Livestock Comments 11/23 06:49

DTN Early Word Livestock Comments 11/23 06:49 Cold Storage Supportive The livestock complex put in a nice day Monday with futures closing higher across the board. Cattle gained on a neutral Cattle of Feed report and the prospect of higher cash. Hogs defied underlying cash to close higher. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Higher Live Equiv: $208.77 +0.44* Hogs: Lower Futures: Mixed Lean Equiv: $ 93.11 -3.57** *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: After digesting the Cattle on Feed report over the weekend, traders set their sights on the strong potential for higher cash this week. Demand is solid and packers need to maintain brisk slaughter schedules. Packers did not throw out any bids yet this week, and probably will not either. The holiday-shortened week may have them stepping up to match the offers in order to accomplish business. Some offers so far have been $1.00 to $2.00 higher. Boxed beef prices were mixed Monday with choice up $0.84 and select down $0.10. The October Cold Storage report showed total beef in storage at 477.1 million pounds. This was up 9% from September, but down 5% from October 2021. This should be supportive to the market. The Commitment of Traders report showed funds are net buyers of 3,937 futures contracts bringing their net-long positions to 52,010.