Live cattle held up well on Friday, but the market may have run out of steam for the time being.
Cattle: Steady Futures: Mixed Live Equiv: N/A
Hogs: Steady to 50 cents lower. Futures: Mixed Lean Equiv: N/A
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Live cattle held up well on Friday, but the market may have run out of steam for the time being. Fundamentals do not seem to support a continuation of the uptrend that had been evident for two months. Lower boxed beef prices on Friday may keep packers hesitant to step into the market early this week.
As usual, business is not expected until later in the week once a few days of futures trading and cutout values are under the belt. Show lists are not expected to be distributed yet today. Futures charts look more like the market may be developing a sideways trading pattern which could keep cash steady at best.