DTN Early Word Livestock Comments 03/11 06:22

DTN Early Word Livestock Comments 03/11 06:22 Choppy Livestock Trading Before the Weekend The cattle complex was under pressure again due to the gains of grains. Feeder cattle felt the impact with triple-digit losses across the board with the May contract down $4.12. Hogs showed spread trading activity with selling the front month and buying later months likely a result of weaker cutouts and lower export sales. Robin Schmahl DTN Contributing Analyst Cattle: Steady. Futures: Mixed. Live Equiv: $191.56 +$1.16* Hogs: Steady. Futures: Higher. Lean Equiv: $111.70 -$3.54** *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 just could not overcome the rebound of grain prices Thursday. Weaker cash trade for the week did not provide support to the complex with Southern cattle $2.00 lower and Northern cattle $4.00 lower. The positive aspect yesterday was the gain in boxed beef prices of $1.24 for choice and a gain of $2.58 for select. However, traders are wary of the possibility that a low has been reached in boxed beef. It will take a few consistent days of gains to provide confidence that a low has been reached. Weekly export sales Thursday were good at 27,500 mt and a marketing-year high. China was the number one buyer with a substantially higher volume than their average weekly purchase. Technically, the cattle market may retest the recent lows.