DTN Early Word Livestock Comments 07/28 06:16

DTN Early Word Livestock Comments 07/28 06:16 Who Will Blink First? There was little to get excited about in both cattle and hogs Thursday. Cash cattle only saw some light trade develop in Iowa at $292, but that was not enough to indicate any definite prices for the week. Hogs struggled under lower cash. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $222.23 -$0.25* Hogs: Lower Futures: Higher Lean Equiv: $121.89 +$1.98** *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: Both packers and feedlots dug in for the week Thursday, waiting to see who would blink first. Packers are loath to raise bids due to substantially lower margins than last year and the three-year average. The lower trend of boxed beef prices and fewer cattle out in the country have created a tough scenario for packers. Feedlots are fully aware of the situation and intend to capitalize on it. Packers revealed live bids at $176 and dressed bids at $290 to $292. There were a few traded at $292 in Iowa but not enough to set a trend. So far, feedlots have passed with offers of $182 to $182 in the South with no solid offers in the North. Boxed beef closed lower with choice down $0.48 and select down $0.05. Weekly export sales were up slightly from the previous week at 21,400 metric tons (mt).