DTN Early Word Livestock Comments 04/22 06:18

DTN Early Word Livestock Comments 04/22 06:18 Traders Anticipate Cattle on Feed Report Cattle and hog futures diverged with strength continuing in the cattle complex while weakness continued in hogs. Cash traded steady with the week for cattle leaving much of Thursday's move as continued short covering. Hogs remained in a liquidation phase despite higher cash and cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv $200.91 +$0.48* Hogs: Steady Futures: Higher Lean Equiv: $117.62 +1.71** * 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 exuberance seen in cattle futures may have run its course for the week. Cash price will not change from the earlier pattern this week. Traders will be anticipating the Cattle on Feed report that will be released after the close. Estimates for On Feed is 100.4% compared to a year ago. Placements at 92.2%. Marketings are estimated at 98.2%. Where the actual numbers fall in relation with the estimates will determine futures direction on Monday. Boxed beef was mixed yesterday with choice up $1.35 and select down $0.85. Weekly exports sales were not very exciting at 15,000 mt. This was down 17% from the previous week. Feeder cattle found strong support from the significant weakness of corn futures. Further weakness of corn is seen overnight.