DTN Early Word Livestock Comments 05/06 06:17

DTN Early Word Livestock Comments 05/06 06:17 Outside Influences May Impact Markets Cattle did not have much to go on with limited trade in the cash market at steady money and little help from the corn market Thursday. Hogs were able to push higher again as traders buy back into the market and cutouts were able to post a gain. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $191.70 -$2.65* Hogs: Steady Futures: Mixed Lean Equiv: $113.70 +$2.44** *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: Live cattle just could not uncover buying support with futures trending lower much of Thursday. There was no change in the cash market with prices remaining steady with last week on light activity. Packers have regained control of the market and have no need to bid higher to procure sufficient supply this week. June holds a discount to cash but there is a lot of time before the contract will settle, leaving that as a non-issue for the time being. Feeder cattle may find some buying interest today due to corn futures being substantially lower overnight. Weekly export sales were 28% above the previous week at 14,600 metric tons (mt). Boxed beef took a hit Thursday with choice down $4.56 and select down $1.87. The high price of beef might be having an impact on consumer preferences. The huge decline of the stock market may have a near-term influence on the market.