Friday, December 9, 2022  
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DTN Early Word Livestock Comments      12/09 06:17
   Hog Futures May See a Bounce

   Live cattle did not have much to go on Thursday as packers and feedlots
continued to hold out, waiting to see who will blink first. The uncertainty did
allow futures to drift higher. Hogs were the opposite as weakness permeated the
complex with losses of over $3.00 for a period of time.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady         Futures: Mixed     Live Equiv:   $183.16 -$1.00*

   Hogs: Lower            Futures: Mixed     Lean Equiv:   $92.89 +$0.52**

   *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.


   Traders have been waiting for direction from cash, but that remained elusive
Thursday other than for some light activity. What has traded so far has been
$1.00 to $2.00 lower, but trading has been limited. Both sides should be
anxious to take care of business Friday, but there is no way of telling who
will be more aggressive. It is surprising cattle futures were higher Thursday
due to poor weekly exports sales of only 1,600 metric tons (mt) for the year.
However, sales for next year totaled 16,300 mt, which provided support. Boxed
beef prices were lower with choice down $1.68 and select up $0.78. USDA will
release the World Agricultural Supply and Demand report today, which will show
volume and price estimates for meat this year and next year.
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