DTN Early Word Livestock Comments 07/27 06:25

DTN Early Word Livestock Comments 07/27 06:25 Limited Cash Trade Anticipated There was not much to move live cattle futures Wednesday as cash trade was not expected and no business was done. Feeder cattle traded in the range of the previous day. Hogs closed under minor pressure, rebounding from sharp losses. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $222.48 +$0.08* Hogs: steady Futures: Mixed Lean Equiv: $119.91 -$0.31** *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: Traders were searching for solid direction in live cattle but did not find anything to move the market one way or the other, resulting in a mixed close. There is strong anticipation of higher cash this week, but traders are being cautious. Packers might be in a better position to hang tough and pay no more than steady money, leaving it up to feedlots to either take it or pass. The last few weeks have pushed business into the end of the week before most of the business was done. Asking prices are few and far between as feedlots hope for support from boxed beef, export sales, and higher futures. Boxed beef was mixed Wednesday with choice down $0.88 and select up $2.26. Feeder cattle did not react as much to the lower corn prices as one would have anticipated. The market may be getting a little tired at the current level with trade remaining choppy.