DTN Early Word Livestock Comments 03/25 08:21

DTN Early Word Livestock Comments 03/25 08:21 Livestock Traders Cautious Ahead of Report The higher close in cattle futures Thursday managed to only keep the market in a sideways trading range. Steady cash may keep a lid on futures. Hogs tried to extend gains and make new highs but could not accomplish the task and neither did they close the chart gaps. Robin Schmahl DTN Contributing Analyst Cattle: Steady. Futures: Mixed. Live Equiv: $196.33 +$0.26* Hogs: Steady. Futures: Mixed. Lean Equiv: $115.52 +$1.62** *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 did not have much to go on Thursday other than some positioning ahead of the Cattle on Feed report released after the close today. Estimates for the report are 101.1% on feed, placements of 106.3%, and marketings at 104.3%. Higher placements could be bearish as the year progresses, but higher placements now could mean lower placements and tighter supply later in the year. Traders will mainly focus on positioning ahead of the report Friday. Any cash business Friday will be done at steady money as it has been so far this week. Boxed beef prices were mixed with choice up $0.81 and select down $0.65. Weekly export sales were good at 27,500 mt, 40% higher than last week and a marketing-year high.