DTN Early Word Livestock Comments 04/26 06:13

DTN Early Word Livestock Comments 04/26 06:13 Cash Cattle Trade Steady to Higher Cattle futures uncovered strong buying interest after higher cash trade developed in the North. That was enough to turn traders more bullish on the market. Hogs took a beating due to lower cash with packers likely finished buying for the week. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $219.39 +$0.28* Hogs: Higher Futures: Mixed Lean Equiv: $103.45 +$0.22** *Based on the formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv. The 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: It was a negative beginning for cattle but as further cash trading developed, cattle futures turned higher. Northern dressed cattle traded $1 to $2 higher generating interest in purchasing futures. The stage is likely set for cash activity today with Southern cattle likely to trade steady and Northern cattle higher. This was not expected earlier this week and the result of feedlots holding out due to tight supplies. More live cattle and feeder cattle contracts closed their chart gaps before futures turned higher, but later contracts still show gaps from a week ago. Weekly export sales were lower than the previous week and may have limited some possible gains. Boxed beef prices were mixed with choice up $1.18 and select down $0.76.