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DTN Early Word Livestock Comments 01/07 06:05
Traders Are Confident Over Higher Cash Cattle Trade
Live cattle futures closed higher but were unable to hold the triple-digit
gains that were seen during the day. Feeder cattle have extended their
phenomenal gains since the beginning of the year. Hogs closed mixed, with most
contracts closing near the highs of the day.
Robin Schmahl
DTN Contributing Analyst
Cattle: Higher Futures: Mixed Live Equiv: $259.50 -$1.30*
Hogs: Higher Futures: Mixed Lean Equiv: $97.07 -$2.59**
*Based on the formula estimating live cattle equivalent of gross packer
revenue. (The Live Cattle Equiv. The 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 closed higher and were supported by the strength of
feeder cattle. Feeder cattle continue to push higher due to strong cash prices
being paid at auctions and the impact of finding the New World screwworm (NWS)
in the buffer zone in Mexico, putting the resumption of imports on hold
indefinitely. Traders are optimistic over higher cash cattle trade this week,
as packers have purchased a limited amount of cattle over the past few weeks.
Boxed beef prices took a hit with choice down $2.45 and select down $0.42. But
that was far from removing the gains seen on Monday in boxed beef.
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