DTN Early Word Livestock Comments 03/17 06:14

DTN Early Word Livestock Comments 03/17 06:14 Weekly Export Sales May Provide Direction Live cattle could not extend the gains of the previous three days, resulting in losses across the board. Feeder cattle fared better but disappointed because of the pressure on corn futures. Hogs did not know which way to go with triple-digit losses a surprise in October and later contracts. Robin Schmahl DTN Contributing Analyst Cattle: Steady. Futures: Mixed. Live Equiv: $193.72 +$0.35* Hogs: Steady. Futures: Mixed. Lean Equiv: $112.59 +$0.54** *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: Packers and feedlots spent another day looking at each other, waiting for someone to blink. The Fed Cattle Exchange showed no activity, leaving it up to the country to decide strength or weakness. Cash is expected to trade Thursday as time is running out for the week. The decline of live cattle futures has traders anticipating cash will be no better than steady. Boxed beef prices were higher again Wednesday with choice up $0.18 and select up $1.43. However, this may not play a significant role in the direction of cash due to it being too early to tell if stronger beef prices will continue over the next month. Weekly export sales may have some influence on the movement of futures but likely not on cash sales.