DTN Early Word Livestock Comments 02/24 06:08

DTN Early Word Livestock Comments 02/24 06:08 Feeder cattle were the recipients of trader interest as significantly lower corn prices turned traders to buyers. Live cattle just kind of hung out as cash cattle traded higher with little volume to pin anything down. Hogs struggled with traders finding little support from Wednesday's cash and cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $213.72 +$0.44* Hogs: Lower Futures: Higher Lean Equiv: $93.25 +$2.98** *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: Cash cattle trade was expected higher this week and there has been light trade indicating that is the case. Some trade in the North took place between $1.00 to $3.00 higher. Southern cattle also showed very light activity $2.00 higher. Packers remain reluctant even though boxed beef prices have been strong. Thursday, choice cuts were steady at $287.91 with select gaining $2.23 at $275.87. Packers have been waiting to do business for some reason, even though cash cattle will not get any less expensive. The Cattle on Feed report today may keep futures in a position of two-sided trading until the numbers are seen. On feed numbers are estimated at 96.1%, placements at 97.2%, and marketings at 104.0%.