DTN Early Word Livestock Comments 02/24 06:09

DTN Early Word Livestock Comments 02/24 06:09 Livestock Uncertainty Over Ukraine Invasion The livestock complex took a hit Wednesday with hogs feeling the brunt of the weakness. The pressure seemed more tied to profit-taking in the hogs with cattle traders not sure how cash would unfold. Robin Schmahl DTN Contributing Analyst Cattle: Higher. Futures: Lower. Live Equiv: $197.72 -1.42* Hogs: Higher. Futures: Lower. Lean Equiv: $116.47 +$0.36** *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: Cattle futures seem to have run out of steam and are heading lower. Futures broke below technical support and closed near the lows. This may trigger further selling despite higher cash trade developing late Wednesday. Some trade developed in parts of the North $1.00 higher than last week at $227 dressed on a weighted average basis Nebraska. Live business took place at $144, roughly $2 higher than last week's weighted average basis Nebraska. This should provide support except for the events overnight with Russia invading Ukraine. Corn futures are limit up overnight which may put considerable pressure on the market despite higher cash. Boxed beef fell again with choice down $0.76 and select down $4.68.