DTN Early Word Livestock Comments 06/26 06:15

DTN Early Word Livestock Comments 06/26 06:15 Futures May Remain Choppy Wednesday Cattle futures drifted throughout Tuesday as futures had adjusted to the higher cash last week. Traders are now trying to anticipate whether further cash gains are possible. Hog futures tried to rebound on Tuesday but ran out of aggressive buying interest, allowing futures to fall back. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $236.30 +$0.35* Hogs: Steady Futures: Mixed Lean Equiv: $101.16 -$2.52** *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 traded on both sides of unchanged Tuesday as the market lacked further direction. Traders have a mixed opinion as to cash this week. Boxed beef prices remain supportive as choice gained $0.75 and select gained $0.19. The May Cold Storage report showed the total frozen beef supply at 423.7 million pounds. This decreased 14.8 million pounds from April and was slightly lower than a year ago, indicating demand remains good at these record cash cattle prices. Feeder cattle will take their direction from the strength of live cattle. Demand has been consistent at auctions with buyers purchasing aggressively and at higher prices. The availability of feeders is tight and cattle feeders need to pay up to keep pastures and feedlots full.