DTN Early Word Livestock Comments 03/24 06:22

DTN Early Word Livestock Comments 03/24 06:22 Hog Futures May Hold Cattle futures struggled for a good portion of Wednesday but were able to close steady to higher. Cash cattle trading steady with last week may leave futures unable to rally much prior to the weekend. Hogs easily pushed to new contract highs leaving chart gaps on the opening Wednesday. Robin Schmahl DTN Contributing Analyst Cattle: Steady. Futures: Mixed. Live Equiv: $196.07 +$1.10* Hogs: Steady. Futures: Mixed. Lean Equiv: $113.90 -$0.32** *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: Feedlots decided they needed to move cattle at steady money rather than hold out for higher cash that might not have materialized anyway. This sets the stage for the rest of the business to be done yet this week. Steady cash is not bad, but it is not what was hoped. Packers are being able purchase what they need now and contract some for the next two weeks.