DTN Early Word Livestock Comments 05/24 06:19

DTN Early Word Livestock Comments 05/24 06:19 Weakness May Carry Over Livestock futures were under pressure for the most part Tuesday. May feeder cattle adjusted to the index as they go off the board Thursday. Hogs showed spread trading between the nearby against August and October contracts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $220.82 -$1.99* Hogs: Higher Futures: Mixed Lean Equiv: $90.53 -$1.27** *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 tried to extend gains with a higher opening Tuesday, but that ran out of steam, falling back throughout the day. Feeder cattle followed a similar pattern, except for May posting triple-digit gains. Traders did not have anything to go on as cash was quiet with no indication of bids or offers. The upcoming Memorial Day weekend may keep packers from being aggressive and they will not want to pay higher money for cattle. They may not need cattle as usual due to the holiday. They also have some already purchased ahead, which may leave them with the upper hand. Boxed beef prices closed lower with choice down $3.16 and select down $2.15, which does not help the situation.