DTN Early Word Livestock Comments 06/18 06:23

DTN Early Word Livestock Comments 06/18 06:23 Cattle Traders to Remain Cautious Tuesday Cattle futures initially followed through with higher prices Monday, but contracts ran out of steam as traders were uncertain about higher cash this week. Hogs pushed higher with July as the lead month and the market finally correcting from being extremely oversold. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $234.47 +$0.50* Hogs: Higher Futures: Mixed Lean Equiv: $104.79 -$2.41** *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 tried to push higher Monday with traders more aggressive at the beginning of trade, but there was uncertainty over whether cash could see further gains this week. Traders are looking at a shorter trading week as the markets will be closed Wednesday for the federal Juneteenth holiday. Traders will also be thinking about the Cattle on Feed report set for Friday. The market is supported, leaving limited downside potential. There were new weekly weighted average highs for both the live and dressed categories last week, indicating the incredible strength the market is exhibiting. Boxed beef prices advanced with choice up $0.58 and select up $1.01. Feeder cattle futures followed a similar pattern with nearby contracts slightly lower and closing nearly $1.50 off their highs. Later contracts closed slightly higher