DTN Early Word Livestock Comments 12/14 06:38

DTN Early Word Livestock Comments 12/14 06:38 Livestock Futures Search for Direction Both live cattle and feeder cattle futures had price swings of about $2.00 with the market finally closing moderately higher. Traders had little to go on, leaving the activity open to intraday trading. Hog futures had limited price movement after the large price rise on Friday. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $197.76 -0.36* Hogs: Steady Futures: Mixed Lean Equiv: $ 93.79 +0.84** *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 did not expect cash cattle to trade Monday. That set the stage for intraday technical trading as there was nothing to generate excitement. Hopes for continued higher cash through the end of the year had been dashed with cash price weakness last week. Now, there is concern cash may trade a little lower this week as packers seems to have set themselves up well through the end of the year with quite a few deferred cattle already on the books. They will still purchase cattle but likely at no better than steady money. It will be up to feedlots as to how aggressive they want to move cattle by the end of the year. Boxed beef provided no solid direction with choice down $1.32 an select up $1.40. The Commitment of Traders report showed funds were net buyers of 1,333 futures contracts, bringing their total net-long positions to 79,850 contracts.