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DTN Early Word Livestock Comments 10/09 06:07
WASDE Report Later Friday Morning
The market awaits Friday's World Agricultural Supply and Demand Estimates
(WASDE) report as beef imports continue to climb, cash trade picks up demand
and lean hog futures struggle with lower cutout values and the need for
stronger pork demand.
Robin Schmahl
DTN Contributing Analyst
Cattle: Steady Futures: Mixed Live Equiv: $274.62 -$0.91*
Hogs: Lower Futures: Lower Lean Equiv: $86.57 -$2.07**
*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:
The market awaits the October WASDE report to be released at 11 a.m. CDT.
For beef, we saw an increase in imports between the August and September
report. The market is expecting this to continue to climb as efforts persist to
increase beef imports in a government effort to lower the cost of beef. Cash
trade picked up demand some on Thursday after a light start to the week.
Negotiated live purchases were steady to $2.00 lower with dressed purchases
steady to $5.00 lower.
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