DTN Early Word Livestock Comments 08/03 06:15

DTN Early Word Livestock Comments 08/03 06:15 Traders Wait For Cash The livestock complex could not find any support Wednesday with outside market pressure having some impact on the negativity. Cash trade has yet to take place. Hog futures came under pressure as cash and cutouts pointed lower. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $222.04 -$1.88* Hogs: Lower Futures: Mixed Lean Equiv: $118.85 -$3.63** *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: It is interesting that even though the idea is that packers are short bought due to a low volume of cattle being purchased last week, packers have not yet stepped up to the plate. One would think they would have been more aggressive earlier in the week. There have not been any solid bids or offers posted. If there is no cash trade Thursday, it will get very interesting on Friday. Outside pressure from the downgrading of the U.S. debt rating likely had some spillover impact on the market, but that may have been a correlated reaction and not an overall concern. Boxed beef prices declined with choice down $2.92 and select down $2.13. Feeder cattle futures removed much of the gains from Tuesday. Some of the buying exuberance has been tempered lately in part because of the hot weather that has been experienced.