DTN Early Word Livestock Comments 01/30 06:20

DTN Early Word Livestock Comments 01/30 06:20 Hog Buyers Should Be More Aggressive Tuesday Cattle were higher much of Monday but succumbed to more aggressive selling into the close. Some traders decided to liquidate some positions after the large increase last week. Hog futures chopped around in a narrow range searching for direction that did not materialize. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $220.65 -$0.61* Hogs: Mixed Futures: Mixed Lean Equiv: $95.33 -$0.44** *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: Cattle traders did not have much direction Monday. There was no interest in the cash market and boxed beef prices were not providing much support. Boxed beef was mixed on the midday report and closed the day lower with choice down $1.11 and select down $0.31. Fundamentally, the market seems to be supported, but some traders took some profits, and hedgers sold at these higher prices. Slaughter is back on track with packers seeming to be light on supplies. This may make them more aggressive in procuring cattle this week. The Biannual Cattle Inventory report will be released Wednesday. May feeder cattle futures closed the chart gap remaining from Oct. 23, 2023. The March and April contracts have gaps that have yet to be closed.