DTN Early Word Livestock Comments 04/17 06:23

DTN Early Word Livestock Comments 04/17 06:23 Another Day of Gains in Cattle Futures is Uncertain Cattle futures continued higher Tuesday on further short-covering and renewed buying interest. Hog futures could not hold the strong gains seen during the day, posting only slight gains into the close. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $220.86 -$1.16* Hogs: Higher Futures: Mixed Lean Equiv: $105.52 -$4.05** *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: There was no movement of cash cattle Tuesday, which was not responsible for moving the market higher. Boxed beef showed nothing to get excited about with prices mixed. Choice cuts fell $2.86 while select cuts increased $1.30. It seemed short-covering and increased buyer interest supported futures for a second consecutive day. Futures may begin to chop sideways as traders begin to look ahead to the upcoming Cattle on Feed report Friday. The trade estimates for placements have a much narrower range of expectations than the past few reports with a range of 89.3% to 94.7% of year ago. With packers having purchased some cattle for deferred delivery last week, it is anticipated cash may again be lower this week.