DTN Early Word Livestock Comments 04/05 06:32

DTN Early Word Livestock Comments 04/05 06:32 Livestock Weakness May Be Difficult to Overcome The livestock complex was under pressure Monday with hogs leading the way lower. Lower cash and continued liquidation hit hog futures hard as stops were hit and the market pancaked lower. Cattle felt the pressure of higher feed prices, which might follow through Tuesday. Robin Schmahl DTN Contributing Analyst Cattle: Steady. Futures: Mixed. Live Equiv: $200.93 -$0.58* Hogs: Lower. Futures: Mixed. Lean Equiv: $111.01 -$4.25** *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: Live cattle actually traded Monday with light volume surfacing in the South at steady cash with last week. Rarely does any cash activity take place on Monday and generally initial cash trade may set the stage for the week, but this may not be the case as the whole week is ahead and bids and offers have not really been established. However, early steady trade may indicate packers are needing cattle and may be willing to pay more to get them. This may give feedlots some confidence to hold out for higher cash. Boxed beef prices were mixed with choice up $0.90 and select down $0.82. The Commitment of Traders report showed funds increasing their long positions by 9,886 contracts and are now net long 51,764 contracts.