DTN Early Word Livestock Comments 04/19 06:09

DTN Early Word Livestock Comments 04/19 06:09 Choppy Trading May Unfold Wednesday Cattle futures were able to overcome selling pressure Tuesday and closed higher. The gains were not substantial, but gains, nevertheless. Hog futures nearly eliminated the entire gains of the previous two days. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $226.24 +$1.06* Hogs: Higher Futures: Higher Lean Equiv: $85.96 +$1.32** *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 were under pressure some of Tuesday as traders seemed to be a little hesitant over the strength of cash cattle trade and the upcoming Cattle on Feed report. Cash cattle are anticipated to trade higher this week, which would be positive to the market; yet traders are not adding premium to the market. Cash cattle have not traded so far and are not expected to trade Wednesday. Slaughter pace remains strong, requiring packers to continue to aggressively look for cattle. Boxed beef continues to increase with choice up $1.08 and select up $2.29. Cattle continue to be pulled forward to meet strong demand. This could further tighten supply later as supply might be less than anticipated in May or June.