DTN Early Word Livestock Comments 03/21 06:19

DTN Early Word Livestock Comments 03/21 06:19 Livestock Futures Remain Lackluster Livestock futures were lower across the board Wednesday. The losses were moderate -- but losses, nonetheless. Traders of cattle are looking ahead to the Cattle on Feed report. Hog traders focused more on the weakness of cutouts rather than the strength of cash. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $230.71 +$0.02* Hogs: Higher Futures: Mixed Lean Equiv: $98.10 -$1.19** *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: The cash cattle trade was sparse Wednesday and not sufficient to indicate a trend for the week. There is some anticipation for higher cash this week, but it may be difficult for more than steady prices to develop. Boxed beef has been mixed the past two days with choice increasing by $0.22 and select down $0.47 Wednesday. The Cattle on Feed report will be released Friday, which may keep the volatility in cattle futures subdued. The estimates are for on-feed numbers on March 1 at 100.8% of last year with trade estimates ranging from 100.1% to 101.3%. Placements are estimated at 106.3% with a wide range of estimates from 102.7% to 108.8%. Marketed in February is estimated at 103.9% compared to a year ago with a range of 102.5% to 104.7%. Feeder cattle futures have been following live cattle rather than leading, which may be the pattern through the end of the week.