DTN Early Word Livestock Comments 08/30 06:16

DTN Early Word Livestock Comments 08/30 06:16 Hogs Face Significant Headwinds Cattle were evenly mixed Tuesday with traders waiting for some indication of cash trade. No bids or offers surfaced, leaving traders scalping the market for a small profit if possible. Hogs diverged with nearby contracts under pressure and deferred slightly higher. Lower cash pressured nearby contracts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $230.28 -$1.83* Hogs: Lower Futures: Lower Lean Equiv: $99.96 -$3.20** *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: Traders are uncertain which direction cattle prices will move this week. The general thinking is cash will be steady, but packers may hold the line following their success over the past few weeks of lower cash. The upcoming holiday and the recent weakness of boxed beef may give them the upper hand. Boxed beef was lower with choice down $2.68 and select down $2.41. Hot weather returns in the Midwest and Plains this weekend into next week which will impact cattle performance. It could also have an impact on corn and soybeans filling out, which could increase feed prices. Cash cattle are not expected to trade Wednesday.