DTN Early Word Livestock Comments 06/30 06:06

DTN Early Word Livestock Comments 06/30 06:06 Hog Report May Support Futures Feedlots hoped for higher cash this week but were unable to get it. Packers dug in and were not willing to pay more for cattle resulting in steady to lower trade. Hogs closed mixed in anticipation of the Hogs & Pigs report. Cash and cutouts were higher. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $195.75 -$1.65* Hogs: Steady Futures: Higher Lean Equiv: $116.42 -$3.09** *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: Feedlots were resolved to hold out for steady to higher cash early in the week. Steady cash was obtained in some areas of the South along with $1.00 lower as well. The North saw generally $1.00 lower trade. Packers had sufficient cattle purchased ahead and were unwilling to bid higher to fill in the rest of their needs ahead of the July 4th weekend. After two very strong weeks of cash gains, feedlots decided steady to slightly lower cash was not all that bad for now. Boxed beef took a hit with choice down $2.26 adding to the decline Tuesday and effectively eliminating the strong gain seen on Monday. Select cuts declined $2.50. Export sales will need to be good to keep prices from drifting lower. Today is the last day to trade June live cattle with August taking over as front month on Friday.