DTN Early Word Livestock Comments 06/07 06:48

DTN Early Word Livestock Comments 06/07 06:48 Traders Wait For Cash Direction Cattle futures could not find sufficient buying interest Thursday to move prices into positive territory. Traders were not convinced feedlots would receive higher prices. The liquidation in hogs may have run its course, leaving the market mixed. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $231.24 +$0.73* Hogs: Higher Futures: Mixed Lean Equiv: $106.53 +$0.38** *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: Traders saw nothing to provide solid price direction Thursday as cash cattle did not trade. After the markets closed, some cash trades took place in Kansas at $190 delivered and $185 picked up, but not enough to determine a trend. Texas had a few traded at $185. The general estimate is for the bulk of cash trade to take place at steady money with last week. Boxed beef prices have been mixed during much of the week, giving the impression demand may be stabilizing. Packers need cattle but do not want to be too aggressive as overall beef demand may begin to slow seasonally. Choice boxed beef was $1.42 higher with select down $0.07. Feeder cattle futures gapped lower Thursday but closed well off their lows. Futures have eliminated most of what was gained since May 10. The market has lost about $12.00 in the past two weeks.