DTN Early Word Livestock Comments 07/02 06:22

DTN Early Word Livestock Comments 07/02 06:22 Traders Take a Wait-and-See Attitude Cattle futures could not find buying support Monday with traders cautious over the potential for cash cattle prices this week. A good amount of cattle were purchased for defered delivery last week. Hog futures tried to rally but could not continue the strength through the day, resulting in triple-digit losses in numerous contracts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $239.35 +$1.82* Hogs: Higher Futures: Mixed Lean Equiv: $101.25 -$2.46** *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: Cash cattle were not expected to trade Monday and the holiday-shortened week will keep traders guessing about cash prices. The packers could commit 28% on last week's purchases for deferred delivery. That may limit their aggressiveness this week, keeping traders cautious even though cattle supplies remain tight. Boxed beef prices continue to trend higher with choice cuts gaining $2.86 and select gaining $1.19 on strong demand. Feeder cattle suffered triple-digit losses and the third consecutive day of price weakness. The September and later contracts closed below technical support, opening the way for further weakness. Feeder cattle prices have recently been variable at auctions as high prices are finding buyer resistance.