DTN Early Word Livestock Comments 07/08 06:16

DTN Early Word Livestock Comments 07/08 06:16 Strong Support Remains Elusive It was rough day for the livestock complex Wednesday as strong fundamental support was difficult to find. Futures may find some stability Thursday. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $209.02 -1.10* Hogs: Steady Futures: Mixed Lean Equiv: $122.40 +2.13** * based on formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv. 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: The livestock complex closed in the red across the board as traders were disappointed in overall market fundamentals. August live cattle broke though and closed below the bottom of the sideways trading range it had been in for about three weeks. Cash cattle traded Wednesday at steady prices of $120 to $122 in the South and $198 in the North. The amount of cattle traded was sufficient to indicate steady prices may be the best that might be received this week. That provided the selling pressure on the market. Boxed beef again resumed weakness after some strength was seen on Tuesday. Choice cuts declined $1.78 while select cuts declined $1.23.