DTN Early Word Livestock Comments 04/14 06:24

DTN Early Word Livestock Comments 04/14 06:24 Livestock Complex Enters Final Trading Day of the Week Cattle found support from packers becoming more aggressive Wednesday, paying upwards of $4.00 more for dressed cattle overcoming the new highs in corn futures. Hogs struggled closing lower as cash price faltered with limited price movement expected Thursday. Robin Schmahl DTN Contributing Analyst Cattle: Higher. Futures: Mixed. Live Equiv: $202.64 -$0.83* Hogs: Steady. Futures: Mixed. Lean Equiv: $116.04 +$1.73** *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: Packers became more aggressive Wednesday, paying $2.00 to $4.00 more for dressed cattle than last week. Live cattle price remained much as it had been this week at $1.00 higher. The slaughter pace has been brisk, and packers needed cattle to keep plants operating efficiently and demand satisfied. At this pace, any backup of cattle might be cleaned up keeping feedlots current providing some bargaining power for higher prices. However, corn prices continue to increase with new highs again Wednesday and new highs again overnight. Boxed beef prices declined Wednesday with choice down $1.11 and select down $1.34. Weekly export sales Thursday are not expected to show much that would impact the market significantly. Thursday is the last trading day of the week.