DTN Early Word Livestock Comments 02/17 06:07

DTN Early Word Livestock Comments 02/17 06:07 Livestock Traders Remain Optimistic Live cattle closed slightly positive without generating much excitement. Higher cash was anticipated, and traders saw that come to fruition. Feeder cattle felt some pressure from higher grain prices. Hogs pushed higher on stronger cash and renewed optimism. Robin Schmahl DTN Contributing Analyst Cattle: Higher. Futures: Higher. Live Equiv: $203.49 -$0.74* Hogs: Higher. Futures: Mixed. Lean Equiv: $113.99 -$0.20** *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: Feedlots hoped they could see packers open their wallets and pay more for cattle this week, and that is what happened. Trade in both the North and South was generally $2.00 higher. Live cattle futures had that factored in, which leaves it in position to remain choppy for the rest of the week unless packers need more and will pay more to get them. However, with some cattle contracted for later delivery, the trend has likely been set for the week. Packers are not only purchasing for now but also for the next few weeks. Boxed beef was lower with choice down $0.75 and select down $1.74 maintaining only about a $3.00 spread between the two.