DTN Early Word Livestock Comments 06/20 06:24

DTN Early Word Livestock Comments 06/20 06:24 Uncertain Cash Strength May Keep Trade Mixed The stronger close Friday may have little influence on cattle futures Tuesday. Cutouts were down Monday and cash ended last week on a negative note. Hogs should find support from strong cash and higher cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $246.70 +$1.50* Hogs: Higher Futures: Higher Lean Equiv: $103.15 +$3.73** *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 futures did not change much during the course of last week, however feeder cattle took it on the chin with losses of over $3.00 and $4.00. The strength of corn had an influence on feeder cattle, which may let up a bit Tuesday as corn futures were lower overnight. However, lower cash last week with prices ranging from $3.00 to $5.00 lower may leave traders cautious as the week begins. Cattle supplies remain tight, but the higher prices may have impacted demand. Boxed beef prices were lower Monday with choice down $2.95 and select down $0.19. The Commitment of Traders report showed funds adding 7,597 long futures positions, bringing the total net-long futures positions to 120,400 contracts. There were 1,667 long positions added to feeder cattle, bringing the net total long futures positions to 18,698 contracts.