DTN Early Word Livestock Comments 09/13 06:15

DTN Early Word Livestock Comments 09/13 06:15 Traders Await Cash Live cattle traded in a somewhat tight price range with traders uncertain of the strength of cash this week. Feeder cattle were under pressure due to the strength of corn. Hogs saw some unwinding of spreads with heavy selling in the front month. Cash struggled while cutouts improved. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $192.44 +$1.77* Hogs: Higher Futures: Mixed Lean Equiv: $113.48 +$2.84** *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: Live cattle futures hung out in a tight range with little to generate interest from traders. The strength of the corn market had an impact on feeder cattle, but live cattle traders were not focused on corn. There is anticipation packers may need to step up to the plate this week due to their unaggressive approach to the market over the past couple weeks. However, they were able to purchase some cattle ahead for this week which may allow them to be less aggressive with their bids. No cash trading took place Monday and no bids or offers surfaced. There may be no activity Tuesday either as packers will wait to see full showlists and hopefully get an idea whether feedlots may be more willing to move cattle. The Commitment of Traders report showed funds as net buyers of 1,143 contracts, bringing their net-long positions to 61,886 contracts.