DTN Early Word Livestock Comments 04/29 06:19

DTN Early Word Livestock Comments 04/29 06:19 Uncertainty Will Dominate Livestock Futures Trading Live cattle could not capitalize on steady to higher cash this week with June futures closing at the lowest level since April 8. Feeder cattle futures bounced but not until after new lows were made. Hogs closed higher after three days of liquidation. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $196.30 -$0.11* Hogs: Steady Futures: Mixed Lean Equiv: $111.91 -$1.02** *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 bearishness of the Cattle on Feed report last week continues to hang over the market despite the disbelief by many of the placement number. Cash traded at steady to higher this week, which should have provided some support, but futures are more than $4.00 lower than a week ago. Friday is the last day of trading for April live cattle with June taking over as front month and carrying a discount to cash. Traders are cautious over the amount of cattle that may be coming to the market over the next two months. Cutouts were mixed Thursday with choice up $0.69 and select down $1.26. Weekly export sales were nothing the write home about as they were 24% lower than the previous week. Corn futures are higher again overnight, which may limit the upside potential for feeder cattle after the turnaround Thursday.