DTN Early Word Livestock Comments 06/13 06:18
13 Jun 2022
DTN Early Word Livestock Comments 06/13 06:18 Traders Uncertain of Market Direction The cattle complex settled back into the weekend after a strong week. Packer buying interest continued Friday but that did not provide further support into the weekend. Hogs were able to close higher after a brutal week. The market had little support from cash. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $200.36 -$0.03* Hogs: Steady Futures: Higher Lean Equiv: $116.81 +$0.07** *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 had a strong cash week with packers still buying Friday. Packer activity Friday suggests cash will be stronger this week. Boxed beef prices are not indicating a trend higher, but slaughter pace continues to remain brisk. Choice cuts increased $0.22 while select cuts declined $0.72. Feedlots will be looking for higher prices again this week. The World Agricultural Supply and Demand report showed estimated beef production up 65 million pounds from the May estimate with average price remaining unchanged at $140.10.