DTN Early Word Livestock Comments 09/28 06:20

DTN Early Word Livestock Comments 09/28 06:20 Price Support Remains Elusive Pressure continued Tuesday in the livestock complex with hogs feeling the brunt of it. Cash cattle traded steady with last week, setting the tone for the rest of the week. Packers paid up for hogs Tuesday, but that did not impact widespread selling. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $183.45 -$1.05* Hogs: Lower Futures: Higher Lean Equiv: $106.78 -$2.76** *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: Selling again dominated the livestock complex Tuesday. Live cattle showed weakness as light activity in the cash market showed cattle trading steady with last week and has likely set the tone for the week. Packers had some cattle purchased ahead and the concern over ongoing demand hangs over the market. Boxed beef prices remain lackluster with choice up $0.59 and select down $2.14. Slaughter pace continues to remain strong, but packers are finding little difficulty obtain supply to satisfy the need. Feeder cattle continued its weakness despite what corn price is doing. Technical selling has gripped the market and has not let go, moving futures down to the levels last seen in June. Thursday is the last trading day for September feeders.