DTN Early Word Livestock Comments 01/03 05:56

DTN Early Word Livestock Comments 01/03 05:55 Trading Activity May Be Slow to Develop It was a rather uneventful day Friday in the cattle markets with futures moving in a fairly tight range. Traders had likely already positioned themselves for the end of the year and had turned their attention to the New Year celebration. Hog futures showed greater volatility with the uncertainty of cash and cutouts heightening trader activity. Robin Schmahl DTN Contributing Analyst Cattle: Higher. Futures: Mixed. Live Equiv: N/A* Hogs: Steady. Futures: Mixed. Lean Equiv: N/A** *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: USDA was closed on Friday, leaving traders guessing as to what slaughter numbers were and what boxed beef prices did. This left just some positioning to close out the books for the year and to wait for information before guessing price direction. Trading activity did not increase in the South on Friday, leaving the potential for more cash activity this week. Neither packers nor feedlots were willing to give in on Friday. Northern cattle traded higher last week with feedlots likely setting their sights higher again this week. With the holidays behind, packers will return slaughter schedules back to normal and may need more cattle to fill demand.