DTN Early Word Livestock Comments 06/11 06:19

DTN Early Word Livestock Comments 06/11 06:19 Hog Futures May Bounce Tuesday Strong buying interest was triggered in cattle Monday as cash is anticipated to be higher this week. Traders are unaffected by further news of bird flu being discovered in Wyoming. Hogs cannot find a bottom, falling below support and nearing contract lows. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $232.02 +$0.32* Hogs: Steady Futures: Higher Lean Equiv: $106.27 -$0.48** *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 found strong buying interest Monday with contracts closing at the highest level since May 29. The tight cattle numbers will be a factor in the market for the rest of the year and may limit the downside price potential unless something unforeseen impacts the market negatively. The past few weeks have begun with optimism over higher cash but the optimism subsides as the week progresses. The same might be true this week. Boxed beef prices were mixed with choice up $0.67 and select down $0.10. The discovery of bird flu in a dairy herd in Wyoming did not impact that market as it is becoming old news and is not impacting demand. Feeder cattle rebounded nicely over the past two days as buying interest remains strong at auctions.