DTN Early Word Livestock Comments 02/18 05:54

DTN Early Word Livestock Comments 02/18 05:54 Cattle Consolidation Ahead of the Extended Weekend The cattle complex had a difficult time trying to find something to get excited about. Futures traded within a fairly tight range. Hogs could not be held back with futures pushing to new highs. Cutouts were incredibly strong. Robin Schmahl DTN Contributing Analyst Cattle: Steady. Futures: Mixed. Live Equiv: $203.22 -$0.27* Hogs: Steady. Futures: Mixed. Lean Equiv: $124.01 +$10.02** *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 excitement of cash cattle trading ran its course on Wednesday with prices $2.00 higher. Cash business Thursday followed the same course leaving futures trading lethargic. Traders had some positive news from the weekly export sales report showing sales of 23,000 mt, but it was not enough to stimulate strong buying interest in futures. Feedlots are now setting their sights on next week with some apprehension due to packers already having an amount of cattle forward contracted for the next few weeks and continued weakness of boxed beef prices. Choice cuts were down $0.03 and select cuts were down $1.23. However, with strong demand and increased slaughter pace, it may not make much difference. Futures are likely to coast into extended holiday weekend. Markets are closed on Monday in observance of President's Day.