DTN Early Word Livestock Comments 06/01 06:21

DTN Early Word Livestock Comments 06/01 06:21 Negativity May Be Difficult to Overcome The livestock complex fell Tuesday as a wave of bearishness flowed over the market. Even though grain prices fell, traders were in selling mode and could not be stopped. Cash is anticipated to be lower for cattle this week. Hogs showed support for both cash and cutouts, but that could not stem the tide. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $198.14 +$1.50* Hogs: Higher Futures: Higher Lean Equiv: $115.36 +$1.55** *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: Traders did not find anything positive coming out of the extended weekend. There was little indication of the need for packers to bid higher. Business is expected to be accomplished Wednesday with no better than steady prices with last week. Now the issue here is that boxed beef seems to be performing well with gains Tuesday of $2.12 for choice and $2.15 for select. This, along with lower weights last week, should provide some support. However, June futures moved to the lowest level since early October as technical support was broken.