DTN Early Word Livestock Comments 04/13 06:26

DTN Early Word Livestock Comments 04/13 06:26 Further Strength Expected in Livestock Futures Prices The livestock complex finally found some footing despite higher grain prices. The winter storm that is affecting cattle and some initial higher cash trade this week supported cattle futures. Packers paid more for hogs, giving traders some confidence to buy into the market. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Higher Live Equiv: $203.47 +$0.63* Hogs: Higher Futures: Higher Lean Equiv: $114.31 +$0.16** *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: The front and center news for the cattle market is the winter storm that is moving across a section of the country and affecting cattle operations. This is not a good time for a storm such as this as there are many calves on the ground. Death losses might be substantial, which will have an impact on cattle supply later. Support also stemmed from some light cattle trade taking place $1.00 higher in the South. Increased cash this week may become widespread in light of higher futures prices Tuesday. Boxed beef prices were higher with choice up $1.36 and select up $0.42.