DTN Early Word Livestock Comments 03/10 06:12

DTN Early Word Livestock Comments 03/10 06:12 Steady Cash Cattle Expected The cattle complex declined even though corn price fell. Traders did not like the dismal export sales and steady cash trade. Spread trading was taking place in hogs Thursday as traders are balancing choppy cash with some recent steady advances in cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $212.10 -$0.53* Hogs: Lower Futures: Higher Lean Equiv: $95.62 +$0.73** *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 futures opened lower and briefly tried to move higher at some point only to fall back into the close. There has been some anticipation of cash cattle trading steady this week, which put some pressure on the market. However, weekly export sales were dismal, making it three weeks in a row of low sales. The amount of beef sold was a marketing year low, down 31% from last week. Added to that was further weakness of boxed beef with choice down $0.18 and select down $2.07. There was not a high volume of cash cattle trades Thursday, but trading taking place at steady money might set the stage for activity for the week. Feeder cattle declined even though corn prices fell substantially. Feeder cattle futures might be in the beginning stage of a price correction from the overbought technical position.