DTN Early Word Livestock Comments 01/19 06:04

DTN Early Word Livestock Comments 01/19 06:04 Traders Wait for Cash Cattle remained mixed yesterday with later feeder cattle contract finding some support closing with solid gains. Traders look ahead to the Cattle of Feed report. Hogs reverse the gains of the previous day and then some with contracts posting the lowest close since October. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Lower Live Equiv: $202.97 -$1.29* Hogs: Higher Futures: Mixed Lean Equiv: $85.70 +0.45** *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 seem to be becoming a bit disillusioned with the market as boxed beef prices were weaker and cash has not traded. Plus, the upcoming Cattle on Feed report may keep trading exuberance more subdued. No cash trade has taken place with the anticipation that cash may be steady at best for the week. The decline of boxed beef yesterday seems to be a trend. Choice declined $2.58 while select declined $0.67. With continued weakness of boxed beef, packers will not be too anxious to write checks for anything more than steady cash. Nearby feeder cattle contracts did not show much strength from the weakness of corn, but deferred contracts posted triple-digit gains on long-term optimism.