DTN Early Word Livestock Comments 03/23 06:10

DTN Early Word Livestock Comments 03/23 06:10 Cash Will Set Livestock Futures Direction Traders are not convinced cash cattle will trade higher this week as selling pressure resulted in futures closing lower. Feeder cattle may see further pressure due to high grain prices overnight. Hogs came back managing to close higher in all but April as cash and cutouts showed gains. Robin Schmahl DTN Contributing Analyst Cattle: Steady. Futures: Mixed. Live Equiv: $194.97 +$0.64* Hogs: Higher. Futures: Higher. Lean Equiv: $114.22 +$5.10** *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 struggled as the majority of traders seem to think cash will not be any better than steady this week. Both packers and feedlots have so far just looked at each other hoping something will tip in their favor. Packers looked at the mixed boxed beef prices yesterday and may be less apt to pay higher as the recent price increases might be over. Yesterday, choice gained $1.47 with select down $0.67. Feedlots may be willing to hold out hoping for a repeat of last week as packers are pushed into a corner and need to purchase. Some business should surface Wednesday, but if packers and feedlots hold yet again, Thursday would get interesting.