DTN Early Word Livestock Comments 12/15 06:29

DTN Early Word Livestock Comments 12/15 06:29 Livestock Futures Find Little Support The livestock complex was lower Tuesday in lackluster trade. Cattle futures had a narrow price swing of less than $1.00 as traders anticipate cash activity. February hogs take over as the lead month and hold a large premium to cash. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $195.43 -$2.33* Hogs: Steady Futures: Higher Lean Equiv: $92.24 -$1.55** *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 had little to go on Tuesday, leaving them with only the ability to scalp the market for a small profit. The increase on Monday was not sustainable without the support of cash and boxed beef prices. It does not look to be much different Wednesday. Feedlots have been a bit slow in establishing solid offers. Packers will not be willing to pay more than steady money with last week due to further weakness of boxed beef Tuesday. Choice cuts declined $2.50 with select cuts down $4.84. This combination is not very conducive to support. December live cattle are trading at a discount to cash but that might be warranted if packers pull back further over the next two weeks and feedlots want to move cattle before the end of the year.