DTN Early Word Livestock Comments 06/03 06:17

DTN Early Word Livestock Comments 06/03 06:17 Profit-Taking May Surface Ahead of Weekend Feeder cattle again were the leaders with nearby months closing over $3.00 higher. Live cattle again went along for the ride due to little support coming from cash or boxed beef. Hog futures pushed higher for a while but fell back into the close with July closing slightly lower even though cutouts were higher. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $198.05 -$0.08* Hogs: Lower Futures: Higher Lean Equiv: $119.67 +$2.00** *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 $2.00 lower for the both the Northern dressed cattle and Southern live cattle. Business is basically done for the week. Traders will turn their attention to the potential for cash prices next week, which may leave futures trading mixed Friday. Boxed beef prices were mixed with choice down $0.77 and select up $0.72. Feeder cattle have moved back to the highest level since May 10. There has been aggressive buying in feeder cattle auctions this week. Tighter supplies of calves and feeder cattle may be showing up, which may impact cattle prices later this year. Weekly export sales will be released Friday morning.