DTN Early Word Livestock Comments 07/14 06:24

DTN Early Word Livestock Comments 07/14 06:24 Cash Cattle Trade Waits Until Friday Live cattle held well in the face of sharply higher corn prices Thursday. Feeder cattle reacted with triple-digit losses. Cash trade remained very light. Hogs did well by pushing higher as both cash and cutouts gained. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Lower Live Equiv: $224.22 -$2.20* Hogs: Lower Futures: Mixed Lean Equiv: $118.08 +0.24** *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 closed near the highs Thursday, but did not see much change from the previous day. Traders seemed to be holding their breath, waiting for cash cattle to trade. However, it was another day of very little activity. Feedlots held higher asking prices as packer bids were shunned. Packers in the North purchased a few cattle $3.00 to $5.00 higher Thursday on a dressed basis while little else was done. Business will be accomplished Friday, and it will be interesting which side will blink first. Boxed beef did not fare well Thursday with choice down $4.07 and select down $0.92. Weekly export sales were not good at only 9,900 metric tons (mt), down 42% from the previous week. There is solid demand for feeder cattle but higher corn prices Thursday turned traders into aggressive sellers.