DTN Early Word Livestock Comments 03/03 06:12

DTN Early Word Livestock Comments 03/03 06:12 Feedlots and Packers Hold Out Traders sold live cattle futures due to disappointment with cattle not yet trading and dismal export sales. Feeder cattle steadied after the loss on Wednesday. Hog futures faced more pressure due to the lack of strong fundamentals. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $214.39 +$0.57* Hogs: Lower Futures: Higher Lean Equiv: $92.97 +$0.19** *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 were anticipated to trade earlier this week due to lighter business last week, tighter supplies, and stronger boxed beef. However, packers have not blinked so far this week. The anticipation is for higher cash, but traders may be having some doubts due to April and June live cattle futures not trading higher since the Cattle on Feed report. Weekly export sales were dismal at only 8,100 metric tons (mt), down 48% from the previous week. Boxed beef showed strength with choice up $0.67 and select up $1.15. Feeder cattle paused Thursday after a volatile Wednesday. Feeder prices at auctions have been mixed, making one wonder if prices are just getting too high.