DTN Early Word Livestock Comments 11/01 06:06

DTN Early Word Livestock Comments 11/01 06:06 Uncertainty May Leave Traders Cautious Cattle showed some pressure due to higher corn prices but also due to the possibility of cash not gaining as much as it has the past two weeks. Hogs showed spread trading putting pressure on nearby months while later months uncovered buying interest. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $194.44 -$0.93* Hogs: Higher Futures: Mixed Lean Equiv: $109.27 +$2.88** GENERAL COMMENTS: Cattle were under pressure Monday as would have been expected due to the significant increase of corn. However, the pressure was not as great as would have been expected. Even though cash cattle are expected to trade higher again this week, the gains may be not as strong as the past few weeks. This may temper some trader buying exuberance until the level of packer interest is seen. Boxed beef was mixed with choice up $0.39 and select down $0.03. Slaughter pace continues to remain strong, and cattle are needed to keep the pace. One wonders if this beef is moving right to the market or if cold storage is increasing to prepare for a yet tighter cattle supply. This could temper strong buying and cash prices down the road as more beef will be available to the market from inventory.