DTN Early Word Livestock Comments 08/23 06:27

DTN Early Word Livestock Comments 08/23 06:27 Traders Look Ahead to Cattle On Feed Report Friday The livestock complex was higher Thursday with nearby hog futures showing the greatest strength. Cattle futures adjusted to the lower cash trade with traders turning their attention to the Cattle on Feed report to be released Friday. Strong cash and cutouts supported hogs. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $231.25 +$0.59* Hogs: Lower Futures: Higher Lean Equiv: $102.61 +$1.88** *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: Once the cash cattle trade price level was known for the week, traders adjusted futures accordingly Thursday. Futures had been overdone to the downside and corrected to move closer to cash. Traders then turned their attention to the upcoming Cattle on Feed report due Friday afternoon. Traders will limit their exposure before the report, which may result in mixed trading activity. The Cattle on Feed report is estimated to show on-feed numbers on Aug. 1 at 100% of a year ago with the range of estimates from 99.8% to 100.2%. July placements are estimated at 104% with a range of 101.9% to 105.6%. Marketings are estimated at 108.2% with a range of 107.8% to 109.0%. The marketing number seems high, but there were two extra marketing days than in July 2023. Cash cattle trade for the week showed Southern live cattle $2.00 lower and Northern dressed cattle $5.00 lower. Boxed beef was higher Thursday with choice up $0.78 and select up $0.95.