DTN Early Word Livestock Comments 02/16 06:12

DTN Early Word Livestock Comments 02/16 06:12 Weekly Export Sales to Influence Direction February live cattle futures made another new high while later contracts were not able to follow suit. Feeder cattle showed minor gains on lower corn prices. Hogs set back a bit but were able to come back from their lows as cash looked stronger. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $204.61 +$2.25* Hogs: Higher Futures: Mixed Lean Equiv: $88.20 -$0.94** *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 are torn between the potential for higher live cattle prices this week due to reduced showlists with trading activity again being pushed until the end of the week and some expectation cash may not be better than steady with last week. Boxed beef has been performing well lately with gains nearly every day. Prices Wednesday were $3.66 higher for choice and $2.83 higher for select. Beef demand continues to remain strong and packers will need cattle to meet that demand. They will try to purchase their needs for this week as well as some for deferred delivery to maintain some bargaining power, which they lacked for a number of weeks. Weekly export sales will influence the market Thursday morning.