DTN Early Word Livestock Comments 06/13 06:24

DTN Early Word Livestock Comments 06/13 06:24 Packers Look Aggressively for Hogs Traders anticipate cash cattle will trade higher again this week and are moving futures higher accordingly. Strong boxed beef supports the market. Hogs added another strong day in July and later contracts on Monday as packers were aggressive. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $245.09 +$3.19* Hogs: Higher Futures: Higher Lean Equiv: $95.29 -$0.19** *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 had a slow start to the day but found more-aggressive buying interest as the day progressed. Feeder cattle struggled under the pressure from higher corn futures. With boxed beef showing incredible strength -- choice up $4.50 and select up $4.53 -- it seems packers will be willing to pay more for cattle again this week. Feedlots will hold out for more, seeing the continued strong demand. There was no indication as to bids or offers yet with showlists mixed. It is unlikely cash cattle will see the strength of the past two weeks, but higher cash is expected. Feeder cattle were able to close in positive territory despite the strength of corn. Strength of live cattle will provide support to feeders.