DTN Early Word Livestock Comments 03/30 05:43

DTN Early Word Livestock Comments 03/30 05:43 Quarterly Hogs and Pigs Report Looms The cattle complex has shaken off the bearishness of Friday's report and is resuming the recent higher trend. The bearishness has already been factored in along with the potential for lower grain prices. Hog futures took it on the chin Tuesday but still managed to maintain the uptrend. Robin Schmahl DTN Contributing Analyst Cattle: Steady. Futures: Mixed. Live Equiv: $197.93 +$0.09* Hogs: Steady. Futures: Lower. Lean Equiv: $111.48 -$3.47** *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 pushed higher Tuesday partially due to the market already having the bearish Cattle on Feed report factored in and partially due to substantially declining grain futures. It seems the conflict in Ukraine might be turning toward a cease fire and some sort of settlement, which could allow Ukrainian farmers to plant crops. Ukraine supplies about 18% of global exports of corn, which is a big deal. They are critical in the potential price of corn and other agricultural products. But the here and now is whether feedlots will be able to hold out for higher cash prices. Offers were revealed Tuesday but bids were nowhere to be found. It is possible cash will not trade Wednesday depending on the determination of both sides. Boxed beef was mixed Tuesday with choice up $0.63 and select down $1.48. Feeder cattle were very strong Tuesday but may temper a bit Wednesday due to the overnight rebound of corn futures.