DTN Early Word Livestock Comments 11/16 06:17

DTN Early Word Livestock Comments 11/16 06:17 Cattle Futures Need Positive News to Lift Prices Live cattle futures did not have much going for them Tuesday due to no cash trading activity and mixed boxed beef prices. Feeder cattle showed pressure as corn prices moved higher. Hogs gained on higher cash and the hopes of continued strong pork movement to China as a result of the presidential meeting Monday. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $191.52 -$0.12* Hogs: Higher Futures: Mixed Lean Equiv: $103.62 -$0.86** *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 were searching for some news to provide solid direction. However, with no cash movement there was nothing much to get traders excited. The consensus is that cash may trade steady with last week. Packers do not need to be as aggressive due to the Thanksgiving holiday next week. However, if the price is right and there are sufficient cattle available, packers may purchase as much as they can for deferred delivery. Boxed beef prices were mixed with choice up $0.38 and select down $1.45. Feeder cattle came under pressure as corn futures moved higher on the news of a Russian rocket landing in Poland, which is a member of NATO. That seems to have been digested in overnight trade, showing corn under pressure. Traders will also begin looking ahead to the Cattle on Feed report Friday.