DTN Early Word Livestock Comments 06/29 06:08

DTN Early Word Livestock Comments 06/29 06:08 Hog Traders to Prepare for Hogs and Pigs Report The livestock complex closed lower with live cattle waiting to see the strength of the cash market while feeder cattle felt the pressure of higher corn prices. Hogs suffered further losses as traders reacted to lower cash and cutouts as well as positioning themselves ahead of the report. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $197.40 +$1.17* Hogs: Higher Futures: Higher Lean Equiv: $113.33 -$3.56** *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 saw nothing to generate buying interest in futures yesterday. The focus is on the cash market. Feedlots are looking for nothing less than steady cash last week with feedlots in the North having not revealed any offers as of yet. Today will likely be a day of reckoning as business should surface to get accomplished what needs to be done. Front month June live cattle goes off the board Thursday with August taking over. China relaxing its quarantine policy may provide support for beef and commodities in general. China has been a major buyer with overall U.S. beef exports setting new records this year. Boxed beef took away some of the strong gains seen for choice cutouts on Monday with price down $1.54 yesterday with select down $1.93.