DTN Early Word Livestock Comments 07/08 06:04

DTN Early Word Livestock Comments 07/08 06:04 Livestock Futures Expected to be choppy Live cattle were able to keep their head above water in general and hold the gains of the previous day. However, feeder cattle succumbed to the higher corn prices. Hog futures performed well but August and later contracts could not hold the highs of the day reducing gain into the close. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $197.47 -$0.12* Hogs: Steady Futures: Higher Lean Equiv: $120.16 +$0.69** *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: higher yesterday. Feedlots were resolved to hold out for no less than steady cash. There should be quite a bit of activity today as it is the end of the week and packers still need cattle. Boxed beef was mixed which does not sit well with packers having to pay higher money. Choice was up only $0.02 with select down $0.35. August live cattle futures just are not interested in reducing the discount it is holding to cash. Concern over demand is on the minds of traders. Feeder cattle were under pressure mainly due to the rebound of corn prices yesterday. Weekly export sales will be released today providing something for traders the ponder.