DTN Early Word Livestock Comments 06/16 06:32

DTN Early Word Livestock Comments 06/16 06:32 Feeder Might See Further Pressure Cattle struggled for much of Thursday with feeder cattle closing with triple-digit losses while live cattle were able to close in positive territory. Hogs spent much of the day higher but trimmed those gains, resulting in a mixed close. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Lower Live Equiv: $247.41 +$1.55* Hogs: Lower Futures: Mixed Lean Equiv: $97.98 +$1.16** *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: Some light cash trade took place with dressed cattle averaging $295 to $296 in Nebraska and Iowa, down $4.00 to $5.00 from last week. Live cattle have not yet traded. This likely set the trend for the week with active trade to take place Friday as business needs to be done ahead of the weekend. Lower cash will keep a lid on the potential for live cattle futures. Feeder cattle may see further pressure Friday as weather forecasts are pushing corn prices higher. Further liquidation may take place ahead of the three-day weekend. Boxed beef was higher in both categories with choice up $3.01 and select up $0.32. Export sales were neutral at 12,800 metric tons (mt), nearly the same as the previous week, leaving the market focusing on cash and outside market movements.