DTN Early Word Livestock Comments 04/13 06:17

DTN Early Word Livestock Comments 04/13 06:17 Cattle Futures Anticipate Cash The cattle complex continues to make new contract highs with no sign of slowing down. Hogs continue to move in the opposite direction, struggling under the weight of the lack of demand. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $219.87 +$1.59* Hogs: Lower Futures: Mixed Lean Equiv: $83.29 -$1.44** *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 continue to move higher at an extremely rapid pace with April live cattle leading the charge Wednesday as higher cash is anticipated. So far there has been no reportable trade, but cash cattle are expected to trade Thursday. Feedlots are playing their cards well, knowing packers need cattle to maintain slaughter and meet demand. Boxed beef was mixed Thursday with choice up $3.38 and select down $0.23. The weakness for select boxed beef was meaningless and overshadowed by the strength so far this week. April live cattle futures increased $1.97 and are currently at the lower range of offers posted by feedlots in the South with offers as high as $177. Feeder cattle are in demand and buyers at auctions continue to pay higher prices for feeders. Weekly export sales may not have much influence on trading Thursday as the market is focused on cash.