DTN Early Word Livestock Comments 05/31 06:19

DTN Early Word Livestock Comments 05/31 06:19 Cash May Be Slow to Develop Not a whole lot of change was accomplished in the cattle complex last week to establish a trend. Futures were able to close higher for the week. Some of the exuberance from the beginning of the week waned as the week unfolded. Hogs were a lot more optimistic, keeping the uptrend intact as stronger demand seems to be unfolding. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $196.64 +$1.07* Hogs: Higher Futures: Mixed Lean Equiv: $113.81 -$1.94** *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: Traders will be looking forward to see how much demand may have unfolded over the holiday weekend. Orders from retail will provide an indication as to product movement as the grilling season kicked off. There is anticipation that cash cattle may be steady to lower again this week as packers have cattle contracted ahead and may see willing feedlots looking to move market-ready cattle this week. Let's face it, feed prices are not getting any cheaper with too much at stake this growing season. Higher numbers of cattle are expected to be available to the market over the next weeks, leaving the market struggling to find sold support. Boxed beef prices were higher with choice up $1.45 and select up $2.07.