DTN Early Word Livestock Comments 08/31 09:52

DTN Early Word Livestock Comments 08/31 09:52 Cash Cattle Expected to Trade Thursday Cattle found little support Wednesday from cash, boxed beef, or lower corn prices. Hog futures defied lower cash and cutouts on Tuesday with impressive gains on Wednesday. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $230.62 +$0.34* Hogs: Lower Futures: Mixed Lean Equiv: $99.23 -0.73** *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 tipped back Wednesday as traders seemed uninterested in attempting to guess what cash will do this week. There were some very limited sales in Iowa at steady prices, but the volume was so light traders could not determine what the week would bring. I think cash will trade Thursday rather than delaying it until Friday with the upcoming Labor Day weekend and the proverbial end of summer. Slaughter will be lighter next week due to one less day, which may result in packers being less aggressive. Boxed beef prices were mixed with choice up $0.75 and select down $0.15. The market may be heading into a period of slower demand and seasonally weaker boxed beef prices, which is what futures may be reflecting. Weekly export sales will be released Thursday morning and may have some influence on the trade; but it is better viewed in the larger picture of demand and not the immediate. Thursday is the last trading day for August live cattle and August feeder cattle.