DTN Early Word Livestock Comments 02/16 06:19

DTN Early Word Livestock Comments 02/16 06:19 Sideways Trade Ahead of Weekend Cattle and hog futures closed higher Thursday, but traders exhibited some hesitancy. This kept most feeder cattle contracts lower and some 2025 contracts lower in hogs. Traders were more focused on nearby contracts. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $218.41 +1.49* Hogs: Lower Futures: Higher Lean Equiv: $95.90 +$3.88** *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: Live cattle futures regained some if not all the loss of Wednesday as the market tried to find a level of equilibrium after more cash trading activity developed. The hopes that lower early cash trade would not hold dissipated Thursday as further activity developed $1 to $2 lower. Weekly beef exports maintained some demand concern in the market as beef sales of 16,600 metric tons (mt) were reported, down 19% from the previous week. The positive development was the gain in boxed beef prices. Choice increased $1.30 with select up $3.87. More strength needs to be seen in boxed beef or futures could have a difficult time seeing much more upside in the near term.