DTN Early Word Livestock Comments 06/28 06:10

DTN Early Word Livestock Comments 06/28 06:10 Traders Remain Cautious Ahead of Cash Live cattle showed moderate strength and in line with what the Cattle on Feed report indicated. Feeder cattle were the beneficiaries of the weakness of corn. Hogs could not find support due to the weakness cutouts were showing and some positioning ahead of the Hogs & Pigs report Wednesday. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $198.57 +$2.01* Hogs: Higher Futures: Higher Lean Equiv: $116.89 -$3.17** *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: Lower corn prices may have feedlots feeling good about holding out for higher cash this week. The past two weeks showed aggressive packer buying and that may not be the end of it. Sure, they have some cattle purchased ahead but not a large amount that will allow them to sit back. Showlists are not showing an abundance of cattle for the week. Feedlots may not sell cattle too readily this week as lower corn prices and the cash momentum are on their side. Boxed beef made a surprising increase yesterday of $3.70 higher for choice and $0.22 higher for select. Higher corn futures today may temper some of the strength of feeders.