DTN Early Word Livestock Comments 04/27 06:29

DTN Early Word Livestock Comments 04/27 06:29 House Ag Committee Examines Packing Industry Live cattle futures were able to post gains Tuesday due to steady to higher cash trade. Feeder cattle were under pressure due to higher corn futures. Hogs posted the largest declines due to continued concern over demand. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $198.07 -$1.26* Hogs: Steady Futures: Lower Lean Equiv: $112.97 -$0.24** *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 again stepped up earlier in the week to take care of business. Cash traded steady to $2.00 higher based on the area of the country and whether it was live or dressed prices. Even though packers had some cattle already forward contracted, they needed more from a current market that has thinner supply. That is expected to change over the next month or two as more market-ready cattle should become available. Boxed beef prices were lower with choice down $2.43 and select down $0.29. There will be a hearing Wednesday by the House Ag Committee examining the price discrepancies, transparency, and alleged unfair practices in cattle markets. The "Big 4" meat packers will be testifying.