DTN Early Word Livestock Comments 01/30 06:26

DTN Early Word Livestock Comments 01/30 06:26 A Further Price Correction May Take Place Cattle took a breather Wednesday with traders realizing the market was higher than it should be. Hogs made news highs in some contracts but fell back as buying interest dried up. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $242.29 -$1.60* Hogs: Lower Futures: Mixed Lean Equiv: $98.96 +$0.45** *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 bullish attitude of the market remains but traders realized the market was higher than it should be relative to cash. The euphoria of recent days needed a correction. The correction may not last long if cash trades higher this week. Nothing has been done so far with asking prices not established in the North. That may push trading back to Friday. Feedlots will hold for higher cash and will have no problem holding cattle over another week if necessary. Boxed beef prices were lower with choice down $1.91 and select down $1.29. Lower boxed beef on Wednesday is not expected to have an impact on the market Thursday. Thursday is the last day to trade January feeder cattle.