DTN Early Word Livestock Comments 10/14 06:17

DTN Early Word Livestock Comments 10/14 06:17 Weekly Export Sales May Provide Direction Cash cattle traded higher, as anticipated, but the impact was not felt in futures contracts. The overshadowing influence was the Consumer Price Index, indicating continued high inflation and its possible impact on demand. Cash hogs were lower as expected, leaving little for traders to get excited about. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $181.98 +0.25* Hogs: Lower Futures: Mixed Lean Equiv: $110.84 -$0.87** *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: Cattle tried to make a comeback after a lower opening due to the strong Consumer Price Index. Strength of the stock market was not enough to calm the fears of traders over demand slowing with continued high inflation. The bright spot was that cash cattle traded higher. Southern cattle traded $1.00 higher while Northern dressed cattle traded $2.00 higher. Feedlots were able to hold out to get what they wanted. Packers needed to step up to procure the required cattle needed for the week. Boxed beef prices were mixed with choice down $0.13 and select up $1.60. Feeder cattle felt pressure are corn price began trading higher after spending some time in negative territory. Weekly export sales will be released Friday, delayed due to the government holiday Monday.