DTN Early Word Livestock Comments 07/08 06:13

DTN Early Word Livestock Comments 07/08 06:13 Traders May Begin Week With Caution Both buyers and sellers of cattle dug in last week with cash trade finally taking place late Friday at mostly steady money. Hog futures were under pressure due to cash weakness. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Higher Live Equiv: $239.76 +$0.43* Hogs: Higher Futures: Mixed Lean Equiv: $100.73 +$1.28** *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: The holiday-shortened week impacted cash cattle trading activity but the packers did not make up for one less day of cash trading by stepping up on Friday. Limited trading took place even though the packers seemed short-bought coming into the week. Cash cattle traded late Friday with prices in the South at $190 and dressed cattle in the North at $314 and mostly steady with the previous week. This will make it an interesting week with an initial anticipation of higher cash. Feedlots were willing to hold cattle for another week, anticipating packers would need to step up. Boxed beef prices were higher with choice up $0.59 and select up $0.68.