DTN Early Word Livestock Comments 08/24 06:00

DTN Early Word Livestock Comments 08/24 06:00 Hogs Struggle to Find Support The livestock complex shCattle futures found some support yesterday which resulted in mixed trade for lives and limited losses for feeders. Traders continue to wait for cash. Hogs could not find support as both cash and cutouts continued to show weakness. owed 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: $231.98 +0.44* Hogs: Steady Futures: Mixed Lean Equiv: $107.94 -$2.86** *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: Cash cattle have not traded as the standoff continues for another week. Feedlots believe they will be able to receive higher prices due to the strength of boxed beef. They feel packers will need to step up to purchase to supply the market. Smaller show lists also provide feedlots with some confidence for higher prices. Packers are seeing better margins but want to keep or improve those margins. There may be some trade today, but it is expected to be very limited. Boxed beef showed choice unchanged from the previous day at $317.05 with select up $2.08. The buying interest for feeder cattle recently has been tempered a bit which is likely the result of the choppiness of futures. Weekly export sales will be released this morning but may have limited impact on trading as the focus is cash.