DTN Early Word Livestock Comments 08/15 06:06

DTN Early Word Livestock Comments 08/15 06:06 Traders Find Little to Get Excited About Both the cattle and hog complex were under pressure with live cattle holding up better than feeders and hogs. Packers were able to purchase some cattle ahead for deferred delivery. Hogs traded the weakness of cutouts on Friday concerned over demand. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $223.82 +2.11* Hogs: Lower Futures: Mixed Lean Equiv: $116.23 -$1.00** *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: Without much fundamental action taking place in the cattle complex, prices drifted lower. That is what generally happens in most markets when there is limited immediate fundamental news to provide traders with the confidence to buy the market. Cattle supplies are tight, but that is not new news. A bull market needs to be fed or it will slowly drift lower. Cash is expected to be at least steady this week, but traders may take a wait-n-see attitude. Even with light trade last week, packers were able to purchase 21% of the total for deferred delivery. Boxed beef was higher with choice up $2.89 and select up $3.22. It may be too early to tell, but one must wonder if demand is beginning to improve after the summer slump.