DTN Early Word Livestock Comments 02/08 06:05

DTN Early Word Livestock Comments 02/08 06:05 WASDE Report May Influence Direction Live cattle spent some time in positive territory Tuesday but could not hold those slight gains. Feeder cattle followed a similar pattern, unable to penetrate technical resistance. Hogs were very negative for a time but managed to close in positive territory. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $199.55 +$0.61* Hogs: Higher Futures: Mixed Lean Equiv: $86.33 -$3.06** *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: So far, the cattle market may be on track to follow a similar pattern as the past two weeks. Cash has not traded with little indication of how strong the market may be. There have been some asking prices established in the South but nothing in the North. Packers have shown no bids. The focus Wednesday will be on the World Agricultural Supply and Demand report and its impact on feed prices. Boxed beef prices were higher Tuesday with choice up $0.15 and select up $3.61. Slaughter pace is holding about steady as packers want to increase their margins. Live cattle futures either made new contract highs or matched the highs on continued support. Feeder cattle found support from slower corn prices but were unable to move above technical resistance at the highs established Jan. 4.