DTN Early Word Livestock Comments 11/17 06:13

DTN Early Word Livestock Comments 11/17 06:13 Trading Activity Shows Trader Uncertainty Cattle were able to find support once some cash cattle traded and pressure was put on corn prices. Hogs chopped around unable to find solid direction. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $190.81 -$0.71* Hogs: Lower Futures: Mixed Lean Equiv: $101.55 -$2.07** *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: Some cattle traded Wednesday at steady cash. This likely set the direction for the rest of the week. With cash looking to be no worse than steady, traders were aggressively buying futures as the unknown is now known. Even though cash was steady, and futures closed higher, boxed beef may be in trouble with choice down $1.27 and select down $0.41. Demand may be slowing as feared due to high food prices. The Cattle on Feed report will be released Friday. The average estimate for cattle on feed is 98.3%. Placements are estimated at 96.3% and marketings at 100.8%. This would be positive for the market. However, it will make a difference on which side of these estimates, the actual numbers fall. Weekly exports sales may have some impact and will need to be better than they have been to generate strong trader interest. Feeder cattle should find some support due to overnight corn weakness.