DTN Early Word Livestock Comments 03/30 06:12

DTN Early Word Livestock Comments 03/30 06:12 Quarterly Hogs & Pigs Report Later Today Cattle futures continued to regain ground Wednesday as cash trade has not yet taken place and it appears higher cash might be in the cards. Hogs were under pressure right from the start as funds seem to be comfortable moving into the Hogs & Pigs report remaining short. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $208.15 -$0.45* Hogs: Mixed Futures: Mixed Lean Equiv: $87.53 +$0.26** *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: Live cattle futures posted nice gains Wednesday, continuing to retrace the losses from the first half of March. You could say March came in like a bear and maybe out like a bull. Front-month April has nearly moved back to its previous high. Optimism is developing for higher cash trade as some feedlot offers have been hiked $1.00 in anticipation the stronger market may cause packers to bid up for cattle. Boxed beef has been higher early in the week but showed weakness Wednesday with choice down $0.34 and select down $1.46. Feeder cattle futures have been increasing despite corn prices. Demand for feeder cattle remains strong, supporting futures. Thursday is the final day to trade the March contract.