DTN Early Word Livestock Comments 08/01 06:21

DTN Early Word Livestock Comments 08/01 06:21 Hogs Supported by Higher Cash, Cutouts The livestock complex struggled much of the day with the end posting slight gains in some feeder cattle and lean hog contracts. Traders were content to close out the month without fanfare, finding little support from lower corn futures. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $221.39 -$0.05* Hogs: Higher Futures: Higher Lean Equiv: $124.43 +$3.74** *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: There is expectation of higher cash cattle trade this week, but that has not translated into higher futures. Traders are taking a wait-and-see attitude. The anticipation is that packers will need cattle this week due to a limited number purchased last week. However, traders remain cautious as feedlots may want to move cattle rather than hold them over another week. Boxed beef prices were mixed with choice down $0.22 and select up $0.19. The Indonesia government has suspended imports of live cattle from four Australian export facilities due to cattle being tested positive for lumpy skin disease. It is a highly infectious disease in cattle, but poses no threat to humans. They are working through this issue as Australia maintains it has been free of lumpy skin disease per the testing that continually takes place. This is not expected to have any significant impact on the market at the present time.