DTN Livestock Open: Limited Volatility Expected

    Cattle once again had an uneventful trading day Thursday with futures price swing of $1.00 or less. Price movement of the past three days has nearly been identical and much of the same is expected Friday. Hogs closed slightly lower but followed the lead of cattle with limited volatility.

    Cattle: Steady Futures: Mixed Live Equiv: $213.88 -0.04*
    Hogs: Steady Futures: Higher Lean Equiv: $102.76 +5.23**
    *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


    Once cash cattle traded higher earlier this week, traders were content to let futures drift sideways as futures priced in the stronger prices. Cattle in the South sold at $3.00 higher than last week with Northern cattle $4.00 higher. Traders did not want to anticipate what might take place next week, leaving December futures closely aligned with cash. There may be some cash activity Friday, but that is expected to follow the line already set this week.

    Boxed beef prices were mixed with choice down $0.38 and select up $0.67. Strong consumer demand is expected to continue through the end of the year. Weekly export sales will be reported Friday morning and could have an influence on price direction.

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