DTN Early Word Livestock Comments 03/15 06:11

DTN Early Word Livestock Comments 03/15 06:11 Traders Continue to Exercise Caution The livestock complex could not find support Tuesday with all contracts closing in negative territory. Traders are not excited over the potential for cash cattle trade this week. Hog futures took back more of the gains of Monday as traders did not remain aggressive. They are apprehensive over the inability of cutouts to trend higher. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $212.36 +$0.72* Hogs: Higher Futures: Mixed Lean Equiv: $95.61 -$0.43** *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 could not find support Tuesday as it appears this could be another week of steady cash. Feedlots may have lost temporary control over the ability to hold for higher prices. Packers have been able to work supplies to their advantage. This certainly does not indicate the highs are in as the overall fundamentals of the market have not changed. It is a combination of a pullback of boxed beef prices, futures moving too high too fast, and the upcoming Cattle on Feed report. Boxed beef prices were higher Tuesday with choice up $1.05 and select up $0.94. There have not been very many days over the past weeks in which both categories of boxed beef have been higher. Traders are expected to remain cautious Wednesday.