DTN Early Word Livestock Comments 06/10 06:17

DTN Early Word Livestock Comments 06/10 06:17 Livestock May Find Influence From WASDE Live cattle traded in somewhat of a narrow range Thursday as no surprises erupted during the day. Cash cattle traded in line with the prices of Wednesday. Hogs fell apart again, even though cutouts found strong support. The low export sales number set the stage for liquidation. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $200.39 -$0.23* Hogs: Lower Futures: Higher Lean Equiv: $116.74 +$4.62** *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: Cattle have achieved what was thought to be unachievable at the beginning of the week. Strong cash buying took place Wednesday and continued Thursday. Southern trade $1.00 higher and Northern dressed trade $3.00 to $4.00 higher provided the needed support, moving futures into the large chart gap remaining since April 25 in the June contract. Later contracts have quite a distance to move to get to the chart gap. Boxed beef prices were nothing to write home about with choice down $0.64 and select up $0.20. Weekly exports sales did not spark any buying interest with sales slightly lower than last week at 17,700 metric tons (mt). China continues to be a consistent buyer of beef. The cattle complex may drift Friday with the focus of traders likely the World Agricultural Supply and Demand report.