DTN Early Word Livestock Comments 03/21 06:15

DTN Early Word Livestock Comments 03/21 06:15 Traders Unable to Find Solid Support One had to look far into the future to see any positive prices in the livestock complex. The rest of the contracts closed under pressure. Cattle traded the neutrality of the report last Friday, leaving futures struggling. Hogs reacted to lower cash and cutouts on Friday, leaving the market under pressure. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $209.76 -$0.83* Hogs: Higher Futures: Mixed Lean Equiv: $88.92 +$0.69** *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: There had been some expectation cattle would trade higher Monday after the numbers on the Cattle on Feed report showed a significant decline compared to last year. However, the report was anticipated, resulting in disappointing trading activity as the day progressed. With mixed showlists this week and a fair percentage of cattle purchased last week for deferred delivery, even though cash was $1.00 lower, it puts packers in a stronger position. The discount of futures to cash seems to indicate traders think cash will be at best steady or possibly lower again this week. Boxed beef prices were mixed with choice down $2.33 and select up $1.50. Feeder cattle follow a similar pattern as live cattle did, closing lower in contracts through October.