DTN Early Word Livestock Comments 05/10 06:21

DTN Early Word Livestock Comments 05/10 06:21 WASDE Report Friday to Show Price Expectations Livestock could not find any support Thursday with some weakness due to lower export sales than the previous week. Some pressure also came from lower product values. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $217.84 -$1.12* Hogs: Higher Futures: Mixed Lean Equiv: $105.18 -$0.86** *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: Cattle futures began Thursday with negative information as weekly export sales were 45% lower than last week. Lower boxed beef prices kept the pressure on the market. Light cash trade, which took place $1.00 higher than last week, provides hope packers will need to be aggressive this week despite having some already booked from last week. So far, feedlots have been holding firm and may remain that way. However, cattle weights are around 3% higher than a year ago, leaving fewer cattle needing to be purchased to obtain a sufficient supply. Boxed beef prices suffered with choice down $1.28 and select down $2.49. This may leave packers on the defensive and unwilling to pay more for cattle.