DTN Early Word Livestock Comments 06/10 06:18

DTN Early Word Livestock Comments 06/10 06:18 No Definite Direction to Begin Week Traders had limited indication of cash cattle trade by the close of trade Friday, leaving the market mixed at the end of the day. The actual cash trade did not provide much direction to begin this week. Hog futures posted minor gains as selling subsided into the weekend. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $231.64 +$0.40* Hogs: Lower Futures: Mixed Lean Equiv: $106.77 +$0.24** *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: Limited cash trade took place by the end of Friday, providing limited direction for traders. Cash cattle traded $1.00 lower in the South at $185 and steady in the North at $301 dressed. This was about as expected earlier in the week and should not surprise the market. Boxed beef prices were higher with choice up $0.54 and select up $0.31. Boxed beef prices are holding well as consumer demand remains strong. Feeder cattle futures bounced to close the chart gaps made Thursday. The Commitment of Traders report showed funds selling 5,120 live cattle futures contracts, leaving them net long 56,642 contracts. Funds sold 3,360 feeder cattle contracts, reducing their net-long position to 3,336 contracts.