DTN Early Word Livestock Comments 04/19 06:13

DTN Early Word Livestock Comments 04/19 06:13 Choppy Trade Ahead of Cattle on Feed Report Cattle futures held up surprisingly well despite the further weakness of boxed beef and the upcoming Cattle on Feed report this afternoon. Hogs closed mostly lower on Thursday but held up surprisingly well with earlier pressure subsiding into the close. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $219.02 -$0.84* Hogs: Higher Futures: Mixed Lean Equiv: $105.93 +$0.41** *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: Packers and feedlots are holding out with each one hoping the other will blink first. The expectations are for cash to trade lower as the packers seem to be in a better position and may not need to be aggressive. With the Cattle on Feed report looming today, it is unlikely futures will see much movement one way or the other. The report tends to show surprises that impact the market. The trade estimates are for On-feed numbers on April 1st at 102% of a year ago. Placements in March are expected at 92.1% with marketings at 88.2% of a year ago. 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%. Boxed beef prices showed further weakness with choice down $1.10 and select down $1.61.