DTN Early Word Livestock Comments 09/01 06:05

DTN Early Word Livestock Comments 09/01 06:05 No Weekly Export Sales Report Thursday There was general pressure on the livestock complex despite the weakness of corn futures. Live cattle came under pressure as a result of lower cash trade developing. Hogs were under pressure from lackluster packer interest so far this week, including Wednesday. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $191.72 -$1.25* Hogs: Higher Futures: Mixed Lean Equiv: $111.20 +$1.03** *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: Once it was seen that cash cattle were trading anywhere from $1.00 to $5.00 lower, traders began selling futures more aggressively. Longer-term bullishness was put on hold as short-term negativity erupted in the market. The hopes for no worse than steady cash were dashed as some feedlots wanted to move cattle even if it meant at lower prices. Cattle in the South traded $1.00 lower while trading activity in the North showed some cattle trading as much as $5.00 lower. This likely set the stage for the rest of the week with the bulk of cattle trade likely taking place Thursday. Boxed beef showed choice down $1.45 and select down $1.94. Feeder cattle did not see the pressure of live cattle with September and October closing slightly higher. They were unable to capitalize on further weakness of corn.