DTN Early Word Livestock Comments 02/17 06:10

DTN Early Word Livestock Comments 02/17 06:10 Cash Trade Waits Until Friday Much of the livestock complex was under pressure Thursday in part because of no cash cattle activity and lower cash for hogs. Cattle traders are waiting for cash trade to set direction. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $206.83 +$2.22* Hogs: Lower Futures: Mixed Lean Equiv: $90.32 +$2.12** *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: Cattle trade is again waiting until the last day for business to be accomplished. Bids and offers were $2.00 to $3.00 apart Thursday and will need to come together Friday. The question is which side will decide to do business and at what price? It would seem feedlots are in a better position to win as packers will need cattle and increasing boxed beef prices indicate strong demand. Boxed beef showed strong gains Thursday with choice up $3.88 and select up $1.45. Weekly export sales were good at 28,100 metric tons (mt), up 72% from the previous week. February live cattle futures made a new contract high again Thursday. Feeder cattle were under pressure despite steady corn prices.