DTN Early Word Livestock Comments 03/31 09:42

DTN Early Word Livestock Comments 03/31 09:42 Hog Futures Expected Higher Thursday Cattle were somewhat lethargic with live cattle futures moving around a dollar from high to low. Traders are waiting for cash direction. Hogs showed spread trading with selling in closer months and buying in later months in preparation of the Hogs and Pigs report. Robin Schmahl DTN Contributing Analyst Cattle: Steady. Futures: Mixed. Live Equiv: $199.81 +$1.88* Hogs: Higher. Futures: Higher. Lean Equiv: $111.26 -$0.22** *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: Traders were uncertain of what to do as Friday's report is history and there was some indication of steady cash with last week. Cash trading showed some light activity taking place at steady cash. Generally, once some trading takes place, it sets the stage for the rest of the week. Any increase from steady prices would certainly be a victory. Boxed beef was higher with choice up $2.04 and select up $2.62. One would think packers would need to step up a little to keep full slaughter schedules due to strong demand and higher boxed beef. Weekly export sales may provide some market direction.