DTN Early Word Livestock Comments 11/15 06:14

DTN Early Word Livestock Comments 11/15 06:14 Livestock Futures Might Remain Choppy Live cattle made a valiant attempt to move higher but closed near the lows even though feeder cattle were higher, and corn was lower. The anticipation of higher cash cattle this week is diminishing. Hogs closed higher, likely on hopes for continued strong export sales to China and good demand through the end of the year. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $191.64 -$0.88* Hogs: Lower Futures: Mixed Lean Equiv: $104.48 -$1.44** *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 tried to push higher but failed. December closed slightly higher as it remains close to cash. Later contracts are faltering and entrenched in a downtrend. February and April contracts have eliminated nearly all the gains over the past month. It seems the anticipation for higher cash this week has waned with the hope being for steady cash. Lower boxed beef prices are not helping with choice down $0.96 and select down $2.06. Packers will be purchasing for the shorter week next week, but if the price is right, they may purchase for deferred delivery after Thanksgiving, putting them in a better position for the following week. The Commitment of Traders report showed funds reducing their long positions by 3,825 to a net long of 60,179 contracts.