DTN Early Word Livestock Comments 12/15 06:06

DTN Early Word Livestock Comments 12/15 06:06 Cattle Traders Still Await Cash The livestock complex closed in the red across the board. Traders saw no cash cattle traded and no real strength in boxed beef. Feeder cattle could not again benefit from lower corn prices. Hogs closed lower with February taking the brunt of it. Weaker cash and a sharp loss in cutouts provided no support. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $185.86 -$2.14* Hogs: Higher Futures: Mixed Lean Equiv: $89.12 -$6.87** *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 were waiting for cash cattle to trade and are still waiting. Packers are in no hurry to obtain supply. The inability of futures to close at new contract highs and the weakness yesterday may give packers the edge to bid at no better than steady cash. Boxed beef prices are struggling again and even though select increased $1.23 yesterday, choice fell $4.88. It is interesting that feedlots in the North have yet to establish solid offers as if they are waiting to see what packers will bid. Packers may view this as uncertainty by feedlots and will wait to place lower bids anticipating them to take them.