DTN Early Word Livestock Comments 02/18 06:17

DTN Early Word Livestock Comments 02/18 06:17 Cattle Traders May Be Nervous Over Further Cash Weakness Cattle futures were under pressure Friday due to the weakness of cash. Feedlots decided to hold out and carry cattle over to the next week. Hog futures slipped lower as February went off the board and ahead of the extended weekend. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $232.62 +$0.30* Hogs: Lower Futures: Higher Lean Equiv: $108.19 +$0.48** *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: Cattle trade let loose on Friday and feedlots sold at lower prices. The recent weakness of futures and the prospect that packers were not stepping up made them decide to sell. Southern cattle traded $3.00 to $4.00 lower with Northern dressed cattle trading $5.00 to $7.00 lower. Those who held out may be under pressure to move cattle this week. Boxed beef prices closed lower with choice down $2.70 and select down $2.70. The Commitments of Traders report showed fund traders reducing their live cattle futures positions by 15,934 contracts to a net-long of 136,369. They added 375 contracts to feeder cattle, bringing their net-long to 27,156.