DTN Livestock Close: Further Positioning Expected Ahead of Report

    Pressure moved through much of the livestock complex Thursday. Cattle were the recipients of traders positioning themselves ahead of the Cattle on Feed report. The selling in hogs was the result of little underlying support and sell stops being triggered.

    Cattle: Steady Futures: Mixed Live Equiv: $210.56 +0.30*
    Hogs: Lower Futures: Mixed Lean Equiv: $105.29 +1.41**
    *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:

    Once selling pressure became more active, it permeated throughout much of the cattle complex, pushing futures below the recent trading range in live cattle. Much of the trading was likely due to traders positioning themselves ahead of the Cattle on Feed report to be released after the close of trading Friday.

    Traders estimate On Feed numbers at 99.4% of last year. Placements at 101.4% and Marketings at 97.5%. Cash cattle activity was light and generally confined to the North at steady money with last week. That seems to be the best that can be expected as the tone had been set on Wednesday and packers see no need to pay more for cattle that are readily available. Boxed beef prices were mixed with choice up $0.63 and select down $0.08.

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