DTN Early Word Livestock Comments 04/06 06:06

DTN Early Word Livestock Comments 04/06 06:06 Livestock Selling Pressure May Subside The cattle complex was under pressure again due to the rise of grain prices. Steady cash for live cattle provided little support to futures pushing April to a discount. Hogs held for much of the day but the inability of futures to rally had traders throw in the towel near the end. Robin Schmahl DTN Contributing Analyst Cattle: Steady. Futures: Mixed. Live Equiv: $203.10 +$1.97* Hogs: Steady. Futures: Mixed. Lean Equiv: $111.01 -$2.75** *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: There was hope steady cash trade already taking place on Monday did not set the precedence for the week. However, those hopes were dashed with further trade developing at steady cash Tuesday. Feedlots have a lot of work cut out for them to obtain higher prices, but with increasing feed prices, there may be little desire to hold out. Boxed beef prices increased with choice up $3.49 and select up $1.20, indicating demand remains strong. The recently established long futures positions by the funds seem to be in liquidation with futures falling the past five days. Overnight corn futures were lower which could provide some relief to the selling pressure.