DTN Early Word Livestock Comments 11/23 06:13

DTN Early Word Livestock Comments 11/23 06:13 Traders Wait for Cash Cattle to Trade The cattle complex was disappointing due to the Cattle on Feed report showing strength only one day. Cash activity will take place Wednesday to get cattle on the books before Thanksgiving. Hogs floundered Tuesday and closed about in the middle of its trading range, even though cash was higher. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Higher Live Equiv: $190.96 +$0.60* Hogs: Higher Futures: Mixed Lean Equiv: $99.15 -$0.69** *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: Trading activity was a bit disappointing for cattle as the Cattle on Feed report was expected to provide further strength than just one day. However, there should be good support under the market as cattle numbers tighten. Packers will need to take care of business Wednesday as they do not have many purchased ahead. Feedlots want higher cash but also want to move cattle that are ready to sell. The anticipation is for higher cash, but traders are cautious and want to see evidence of it before pushing futures higher. Boxed beef was higher with choice up $1.06 and select up $0.95. The October Cold Storage report showed beef supply up 8% from a year ago but this should not have a bearish influence on the market. Thinner trading activity ahead of the holiday might result in futures closing the chart gaps left on Monday.