DTN Early Word Livestock Comments 12/09 06:17

DTN Early Word Livestock Comments 12/09 06:17 Hog Futures May See a Bounce Live cattle did not have much to go on Thursday as packers and feedlots continued to hold out, waiting to see who will blink first. The uncertainty did allow futures to drift higher. Hogs were the opposite as weakness permeated the complex with losses of over $3.00 for a period of time. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $183.16 -$1.00* Hogs: Lower Futures: Mixed Lean Equiv: $92.89 +$0.52** *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: Traders have been waiting for direction from cash, but that remained elusive Thursday other than for some light activity. What has traded so far has been $1.00 to $2.00 lower, but trading has been limited. Both sides should be anxious to take care of business Friday, but there is no way of telling who will be more aggressive. It is surprising cattle futures were higher Thursday due to poor weekly exports sales of only 1,600 metric tons (mt) for the year. However, sales for next year totaled 16,300 mt, which provided support. Boxed beef prices were lower with choice down $1.68 and select up $0.78. USDA will release the World Agricultural Supply and Demand report today, which will show volume and price estimates for meat this year and next year.