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DTN Early Word Livestock Comments 08/13 06:28

13 Aug 2021
DTN Early Word Livestock Comments 08/13 06:28 A Battle of the Wills for Cash Cattle The livestock complex was able to disconnect from the grain markets Thursday. Feeder cattle were in the direct line of fire due to the bullishness of the WASDE report, but yet were able to close higher in some contracts. Hogs were able to hold as packers were more aggressive. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $233.41 +4.04* Hogs: Steady Futures: Higher Lean Equiv: $126.72 -4.59** * 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 closed near the highs of the day Thursday, keeping the market within the sideways trading pattern. Futures may have limited upside Friday unless cash cattle trade develops more aggressively. So far, trade has been rather light with prices for live and dressed basically steady with last weeks weighted average. In general, feedlots are holding for higher prices with whatever trade that will take place, coming down to the wire again. Packers seem to be willing to close out the week short-bought again with contracted supplies dwindling. Boxed beef prices exploded Thursday with choice cuts up $7.13 and select cuts up $2.32. Hopefully, this should push packers to the table with higher bids.