DTN Early Word Livestock Comments 08/22 06:20

DTN Early Word Livestock Comments 08/22 06:20 Lower Cash Trade May Limit Upside Potential There was little for traders to get excited over in the livestock complex on Wednesday. Cash cattle traded lower, leaving live cattle under slight pressure. Hog futures closed mixed with upside limited due to cash and cutout weakness. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $230.66 +$0.04* Hogs: Lower Futures: Lower Lean Equiv: $100.73 -$2.98** *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: Live cattle struggled into the close Wednesday, but did rebound from the lows established during the day. The cash cattle trade was more active than usual for a Wednesday with trade taking place at lower prices. Southern live cattle traded at $2.00 lower than last week with Northern dressed at $4.00 to $5.00 lower. Feedlots are taking what they can get before prices erode further. Boxed beef prices were slightly higher with choice up $0.13 and select up $0.04. The Cattle on Feed report will be released Friday The average trade estimates are for on-feed numbers on Aug. 1 at 100% of a year ago. Placements in July are estimated at 104%. Marketings are estimated at 108.2%. The marketing number seems high, but there were two extra marketing days than in July 2023.