DTN Early Word Livestock Comments 03/22 06:23

DTN Early Word Livestock Comments 03/22 06:23 Traders Cautious Ahead of Report Thursday was another day of general pressure on livestock futures. Front-month live and feeder cattle futures closed higher while December and later hog contracts closed lower. Futures continue to search for support. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $231.07 +$0.35* Hogs: Lower Futures: Higher Lean Equiv: $98.00 -$0.10** *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: Front-month live cattle and feeder cattle received a little boost Thursday as cash cattle trade began to surface. Cash trading $2 to $4 higher should see further support in Friday's trading, but that support may be confined to April live cattle as later contracts may remain choppy ahead of the Cattle on Feed report to be released Friday afternoon. The past few reports have seen some surprising numbers in the placement category, but the impact it has had on the market has been short-lived. Nevertheless, traders may remain cautious ahead of the report. The estimates are for on-feed numbers on March 1 at 100.8% of last year with trade estimates ranging from 100.1% - 101.3%. Placements are estimated at 106.3% with a wide range of estimates from 102.7% - 108.8%. Marketed in February is estimated at 103.9% compared to a year ago with a range of 102.5% - 104.7%. Boxed beef was higher with choice up $0.29 and select up $1.02. Weekly export sales were not good at only 11,000 mt and a marketing year low.