DTN Early Word Livestock Comments 07/29 06:22

DTN Early Word Livestock Comments 07/29 06:22 Mixed Futures as Traders Look For Direction Monday Cattle had a quiet session Friday as futures had adjusted to the cash prices. Higher boxed beef prices could add some support to begin this week. Hog futures had an impressive week and maintained gains into the close Friday. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $229.44 +$1.14* Hogs: Higher Futures: Mixed Lean Equiv: $111.35 -$0.55** *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 traded higher for the week with Southern cattle up $2.00 and Northern dressed cattle up $2.00. Futures had this factored in, leaving the market mixed into the close Friday. Higher boxed beef prices may provide support Monday, but traders may wait to see whether that will come to fruition before becoming too excited. Boxed beef on Friday showed choice cuts up $1.31 and select up $2.35. The Commitments of Traders report showed funds increasing their net live cattle futures position by 1,677 contracts and are now holding a net-long position of 66,718 contracts. Funds reduced their net-long futures position by 430 contracts with a net-long position of 2,781.