DTN Early Word Livestock Comments 06/29 06:11

DTN Early Word Livestock Comments 06/29 06:11 Quarterly Hogs & Pigs Report Thursday Cattle closed higher in part from lower corn prices and partly on the idea feedlots may have to pay at least steady cash to obtain cattle. Hogs again showed spread trading as 2024 contracts showed triple-digit losses with only nearby months closing higher. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $238.05 -$1.04* Hogs: Steady Futures: Mixed Lean Equiv: $106.17 -$1.08** *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: The floodgate of cash activity still has not opened as packers and feedlots have yet to come together to agree on prices. Cash activity should take place Thursday. Overnight corn futures will not provide the catalyst for cattle to trade higher as it did the past two days. Stability might be seen in grains as positioning is done ahead of the Quarterly Stocks and Planted Acreage report. Boxed beef continues to struggle with choice down $1.33 and select down $1.75. This will leave packers unwilling to pay more for cattle. Feeder cattle have capitalized on the weakness of corn but that may now have run its course for the time being. Feeder cattle have made a monumental gain over the past week, leaving chart gaps in its wake. Futures may be hard pressed to move higher, even though demand for feeder cattle is good.