DTN Early Word Livestock Comments 12/07 06:43

DTN Early Word Livestock Comments 12/07 06:43 Uncertain Trading Anticipated Trading in cattle was not very volatile. After spending some time in negative territory, futures were able to climb and close higher. Hogs moved in the opposite direction and continued to show weakness as the day progressed. The boycott of the 2022 Olympics held in Beijing by U.S. officials may result in "resolute countermeasures' if the boycott takes place. This could have implications for meat exports. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $203.43 -1.07* Hogs: Lower Futures: Mixed Lean Equiv: $ 90.47 +2.34** *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 remained aggressive buyers in the cattle complex Monday, but without the gusto of those who are confident over the level of higher cash that may be seen again this week. No cash business was done Monday nor was it anticipated. Showlists were distributed and showed more cattle this week than the past few weeks. Bids and offers have not been established. Feedlots may be more willing to take advantage of higher prices as the strength seen over the past weeks will not last forever. Packers are adding to the ownership of differed cattle positioning themselves for the disruption of the holiday period. Boxed beef declined with choice down $1.83 and select down $0.79. The Commitment of Traders report showed funds as net buyers of 9,484 contracts bringing their net-long positions to 78,527 contracts.