DTN Early Word Livestock Comments 08/23 06:15

DTN Early Word Livestock Comments 08/23 06:15 Support Remains Elusive The livestock complex showed most contracts posting triple-digit losses. There is little outside influence to support prices and limited expectations for cash this week. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $231.54 +1.19* Hogs: Steady Futures: Mixed Lean Equiv: $110.80 -$1.56** *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: Both live and feeder cattle closed the chart gaps that were left from the strong opening Monday. The Cattle on Feed report is history and has had no impact on the market as futures have erased any gains that were realized from the report. Traders really have little else to trade on with only the strength of boxed beef being something positive. However, much of the reason for that is likely due to slower slaughter speeds and not a surge in demand. Boxed beef was higher yesterday with choice up $1.49 and select up $2.18. There is no indication of cash so far as no bids or offers have been revealed. There is a growing concern that feedlots might be willing to let cattle go at $1.00 lower again this week. Packers were able to set cattle for deferred delivery last week possibly keeping them less aggressive during the hot weather.