DTN Early Word Livestock Comments 08/22 06:13

DTN Early Word Livestock Comments 08/22 06:13 Mixed Trading Anticipated Cattle closed higher yesterday, finding support from a friendly Cattle on Feed report. Hogs struggled throughout the day with futures under pressure through the July 2024 contract. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $230.35 -$0.49* Hogs: Steady Futures: Mixed Lean Equiv: $112.36 -$0.96** *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: Cattle futures did what they were expected to do and that was to trade higher because of the Cattle on Feed report. Futures gapped higher with August and October live cattle contracts closing the gap as the day progressed. December and later contracts still hold their lower chart gaps. The strength of contracts by the end of the day was a bit disappointing based on the bullishness of the report. Traders remain uncertain over cash price strength this week with hopes of at least steady money. Boxed beef was lower to start the week following the strength of last week. Choice was down $0.55 with select down $1.03. This should have little influence on trading today as traders will be focused on cash trade that will probably be delayed until the end of the week.