DTN Early Word Livestock Comments 04/21 06:32

DTN Early Word Livestock Comments 04/21 06:32 Cattle Strength, Hog Weakness May Reverse Today Cattle futures took off riding on the strength of higher cash defying higher grain prices. Futures did not seem to be affected by higher feed prices as traders were focused on cash strength with optimism over higher prices. Hog futures fell significantly with disappointment over with the lack of consistent support from cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv $200.43 -$1.02* Hogs: Steady Futures: Higher Lean Equiv: $115.91 +1.07** *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: Cash cattle continued higher with light activity taking place Wednesday at the same level as it did on Tuesday with South trade $1.00 higher and North trade $3.00 to $4.00 higher. Packers have been aggressive early this week looking to procure needed supplies even though they had some already forward contracted. Unfortunately, boxed beef did not close higher with choice down $1.11 and select down $2.68. June live Cattle futures closed at the highest level since February 24th. Feeder cattle futures were able to close the chart gaps on strength. Weekly export sales will need to be strong to keep the momentum going.