DTN Early Word Livestock Comments 08/29 06:18

DTN Early Word Livestock Comments 08/29 06:18 Livestock Futures May Drift Thursday Live cattle spent some time in positive territory but could not hold through Wednesday. Cash activity was pushed off until Thursday, which left traders a bit uneasy. Hog futures posted new highs in December and later contracts despite cash and cutout weakness. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $225.97 -$2.86* Hogs: Lower Futures: Lower Lean Equiv: $101.39 -$0.77** *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: Thursday is the last trading day for August feeder cattle futures with Friday the final trading day for August live cattle futures. That had some influence on those contracts Wednesday as both showed the greatest losses. Cash cattle have not yet traded this week, reducing the optimism for higher prices. The expectations are now for steady cash at best, which may limit further gains in futures. Boxed beef has been struggling this week, with prices showing significant declines Wednesday. Choice boxed beef declined $4.68 while select declined $2.62. This weakness may hinder the willingness of packers to pay even steady money for cattle.