DTN Early Word Livestock Comments 08/06 06:37

DTN Early Word Livestock Comments 08/06 06:37 Follow-through Selling Pressure Expected The livestock complex took a large hit Thursday with the greater pressure on the lean hog complex. Disappointing cash trade for hogs sent the October contract limit down. Cattle reflected the possibility of limited cattle trade and limited gains for cash cattle. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $216.81 +2.11* Hogs: Steady Futures: Lower Lean Equiv: $129.96 +0.16** * 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: Live cattle futures took a hit Thursday, eliminating the gains of Wednesday and then some. Futures are uncertain over long-term price direction and remain in a sideways trading range. With futures down Thursday, it may provide packers the needed leverage to limit their bids to the $1.00 that generated some business on Wednesday. Both packers and feedlots were in a standoff Thursday, which will push business down to the wire again. Feedlots have been holding out in the determination to take part in some of the meteoric rise of boxed beef prices this week. Thursday, choice cuts jumped $3.24 with select cuts up $2.62.