DTN Early Word Livestock Comments 03/16 06:20

DTN Early Word Livestock Comments 03/16 06:20 Support May Be Building in Livestock Complex With corn futures consolidating, cattle futures have been able to find more aggressive buying interest. There was no cash activity Tuesday but there is optimism cash may increase this week. Packers were aggressively looking for hogs, which may allow futures to retest the highs. Robin Schmahl DTN Contributing Analyst Cattle: Steady. Futures: Mixed. Live Equiv: $193.37 +$0.76* Hogs: Higher. Futures: Higher. Lean Equiv: $112.05 +$1.29** *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 futures are finding some support from the consolidating corn market. Without feedlots having to consistently see corn prices increase, they may have the desire to hold out for steady to higher cash this week. Asking price in the South surfaced at $142, which is rather optimistic based on trade last week. The hope is for cash to regain some of what was lost. There was no indication as to what packers are willing to pay this week. Boxed beef showed another positive day Tuesday with choice up $2.39 and select up $1.10.