DTN Early Word Livestock Comments 11/02 06:13

DTN Early Word Livestock Comments 11/02 06:13 Traders Concerned Over Ongoing Demand Cattle just could not get any aggressive buying interest going Tuesday. Live cattle floundered around in a narrow trading range as traders await cash. Feeder cattle were under pressure due to the higher corn price. Hogs held well considering the decline of cutouts and continued consolidation. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Higher Live Equiv: $193.75 -$0.87* Hogs: Higher Futures: Mixed Lean Equiv: $10787 -$2.73** *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 traded throughout Tuesday with little fanfare. Traders did not have much to go on looking to outside markets for some direction. What they saw was nothing to get excited about. Corn prices increased, keeping some pressure on live cattle futures, but heavier pressure was put on feeder cattle contracts as numerous months posted triple-digit losses. That may reverse Wednesday as there is significant pressure on corn futures overnight. No cash cattle traded so far with likely no activity again Wednesday. Feedlots in the North have not yet indicated at what level they are willing to sell this week. It seems the market is losing some enthusiasm. Boxed beef was lower with choice down $1.02 and select down $1.73.