DTN Early Word Livestock Comments 03/08 07:17

DTN Early Word Livestock Comments 03/08 07:17 Southern Cash Cattle Expected to Trade Higher Friday Traders were waiting for cash cattle to trade and found strength on Thursday from higher Northern live and dressed sales. This should be held Friday with Southern sales yet to unfold. April hogs continued to struggle while later contracts held in positive territory. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Higher Live Equiv: $225.88 +$1.08* Hogs: Lower Futures: Mixed Lean Equiv: $96.97 -$0.34** *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 received a boost once Northern cattle began trading $2 higher Thursday . Live sales took place at $185 to $187 with dressed sales at $292. Traders were waiting for cash trade to provide direction. This triggered more aggressive buying interest, pushing live cattle futures to the top end of the trading range. Southern trade has yet to take place and is expected to be steady to higher, which should provide support for the market. Boxed beef prices were higher with choice up $1.70 and select up $1.17. Feeder cattle futures turned higher on the support from live cattle. Fund traders are defending their long positions on the idea prices will increase on continued higher cash prices and tighter supplies.