DTN Early Word Livestock Comments 04/28 06:11

DTN Early Word Livestock Comments 04/28 06:11 Cattle Futures May Struggle The exuberance that developed in live cattle Tuesday was quickly eliminated Wednesday. Packers did not need to increase bids to get cattle from what had already been established during the week. Feeders plummeted on increasing corn prices. Hog futures tried to hold their ground in nearby months but just could not find sustained buying interest. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $196.41 -$1.66* Hogs: Higher Futures: Higher Lean Equiv: $112.93 -$0.04** *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 traded steady Wednesday with what had already taken place this week as packers were able to increase purchases as feedlots wanted to move cattle. Increasing grain prices provided some pressure. Packers have been purchasing some cattle ahead for the next few weeks in their attempt to not be short bought in the marketplace. It seems supply of market-ready cattle is a little short for the time being. The online cattle exchange showed no cattle sold in Wednesday's auction with bids of $139.50 not enough to generate business. Boxed beef was lower with choice down $2.26 and select down $3.91. Weekly export sales will be released Thursday morning, which could provide some direction. Feeder cattle were under extreme pressure due to corn futures pushing to new highs again. More than 60 tons of ground beef was recalled that had been distributed by Lakeside Refrigerated Services based in New Jersey. This is the third largest recall since the beginning of 2021.