DTN Early Word Livestock Comments 11/10 06:12

DTN Early Word Livestock Comments 11/10 06:12 Livestock Futures May Struggle The cattle complex did not perform as was expected. A limited amount of cattle traded at steady prices and lower corn prices were not able to support. Hogs had a difficult time gaining traction as cash was lower along with cutout weakness. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $195.34 -$0.27* Hogs: Lower Futures: Lower Lean Equiv: $102.03 -$1.02** *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: There had been high hopes for stronger cash this week, but the cash activity Wednesday was disappointing. Cash trade was light but what took place was at steady money in both the North and South. This may have set the stage for the rest of trading this week. Lower futures and lower boxed beef may keep packers holding the line. Boxed beef showed choice down $0.27 and select down $0.83. Trading action Wednesday does not bode well for cattle futures moving through the rest of this week unless cash trades higher or weekly export sales are strong. Feeder cattle showed minor losses even though corn was under some pressure. Buyer interest for feeder cattle seems to have slowed somewhat with prices mixed at recent auctions with Wednesday showing steady to lower prices in a South Dakota auction.