DTN Early Word Livestock Comments 12/23 06:26

DTN Early Word Livestock Comments 12/23 06:26 Reports and an Extended Weekend Will Influence Trading The cattle complex held gains for the most part, seeing light trade take place at steady cash and support from higher cutouts. There was also the anticipation of a friendly Cattle on Feed report. Hogs posted further gains, finding some incredible support from strong cutouts and good exports. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $196.51 +$1.34* Hogs: Lower Futures: Mixed Lean Equiv: $96.81 +$6.31* *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 futures traded in a narrow range Thursday with contracts holding much of Tuesday's gains. Feedlots continued to hold for no worse than steady cash, which traded at that level in the South while a light volume of cattle traded as much as $1.00 higher in the North. Further business will need to be done Friday and likely at similar prices. Boxed beef closed higher with choice up $0.35 and select up $5.52. Weekly export sales were rather dismal with only 4,500 metric tons (mt) recorded in the books. Trading is expected to be choppy as traders look ahead to the Cattle on Feed report as well as a three-day weekend. Cattle on feed on Dec. 1 are estimated to be 97.1% of a year ago. Placements are estimated at 95.8% and marketings at 101.0%. This would be a friendly report and, if so, much of it may be already factored in.