DTN Early Word Livestock Comments 03/01 06:11

DTN Early Word Livestock Comments 03/01 06:11 Cattle Traders Wait for Cash Both live cattle and feeder cattle posted similar gains as traders wait for further fundamentals to surface. Hogs continue to struggle with April and May were able to close slightly higher. Packers were not as aggressive Tuesday with cash slightly lower. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $214.95 +$0.30* Hogs: Lower Futures: Mixed Lean Equiv: $91.60 -$1.59** *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: The cattle complex was again supported by lower corn prices. Live cattle did not push to new contract highs with March feeder cattle posting the highest close since Aug. 22, 2022, and nearing the contract high. Later contracts continue to post new contract highs. Feeder cattle have been in demand with strong prices being paid at auctions. Live cattle did not see any cash trade Tuesday with early asking prices indicating feedlots want at least $1.00 to $2.00 more. February live cattle saw an impressive gain of $2.50 into the close of the contract. April is now front-month with a $2.00 discount to where February left the board. Boxed beef showed choice up $0.61 and select unchanged from the previous day.