DTN Early Word Livestock Comments 08/04 06:27

DTN Early Word Livestock Comments 08/04 06:27 Cash Trade to Set Direction Traders did not know what to do with the cattle complex Thursday moving futures within the range of the previous day. Grain prices under pressure provided something to trade as cash trade had not taken place. Hogs fell on lower cash and weak exports which overwhelmed strong cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $221.64 -$0.40* Hogs: Lower Futures: Higher Lean Equiv: $122.85 +$4.00** *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 has been very limited cash trade of cattle in the North at a steady price with last week. Maybe not enough to indicate the trend for this week, but maybe it is. Many times, what initially trades is generally what trades for the week. However, with packers seemingly short-bought, there is anticipation they will need to be more aggressive. It may be up to feedlots if they are willing to hold for higher cash with the possibility of holding cattle over another week or whether steady cash will be sufficient. Grains were higher overnight with the news of Ukraine attacking a Russian Black Sea naval base. Weekly export sales totaled 12,400 metric tons (mt), down 42% from the previous week. Boxed beef prices were mixed with choice down $1.17 and select up $0.84.