DTN Early Word Livestock Comments 04/28 06:17

DTN Early Word Livestock Comments 04/28 06:17 Strong Cash Hogs May Provide Further Support Cattle closed higher Thursday after spending some time at lower prices. The anticipation is growing for solid cash trade to take place. Hogs held well Thursday after the large increase Wednesday. Cash was very strong. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $227.95 +$1.15* Hogs: Steady Futures: Higher Lean Equiv: $85.86 +$0.44** *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: Traders are waiting for solid direction from cash cattle trade. Cash trading so far has been light with Nebraska showing 14,005 head traded at $278 to $285 dressed and Iowa with 26,444 traded from $282 to $285. Live trade has been light and not providing solid direction. With cash trade pushed to Friday, it generally bodes well for better cash. Feedlots and packers are going toe-to-toe this week, vying for the upper hand. Boxed beef was higher with choice up $1.83 and select up $1.15. The bearish aspect of Thursday was poor beef export sales with exports at 9,500 metric tons (MT), down 50% from the previous week and down 28% from the four-week average. High beef prices are definitely having an impact on international demand.