DTN Early Word Livestock Comments 03/22 06:14

DTN Early Word Livestock Comments 03/22 06:14 Livestock Markets Search for Support Live cattle futures closed mixed with some bull-spreading activity as traders wait for cash trade. Feeder cattle closed higher in response to lower corn prices. Hogs could not catch a break again Tuesday with futures closing lower after spending some time in positive territory. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $208.71 -$1.05* Hogs: Steady Futures: Mixed Lean Equiv: $88.80 -$0.12** *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: June and later live cattle contracts made new lows before buyer interest became more aggressive, bringing April through August contracts back in positive territory. Bull-spreading was taking place as traders wanted to get in the market but with limited risk. There was a report that a few cattle traded $1.00 higher in Iowa, but in general there was no activity. It is difficult to determine how aggressive packers will be as boxed beef prices were lower Tuesday with choice down $1.10 and select down $2.39. With some cattle already purchased for delivery this week and weakness of boxed beef, packers may not be very aggressive with the potential for cash steady at best. Feeder cattle were able to close higher in response to the weakness of corn. Feeder cattle prices at auctions recently have been mixed, depending on the weight categories. March feeder cattle cease trading next week on Thursday with futures about $1.00 higher than the index.