DTN Early Word Livestock Comments 07/11 06:26

DTN Early Word Livestock Comments 07/11 06:26 Cattle May Begin Week Under Pressure Cattle struggled Friday due to higher corn futures and a disappointing export sales report. Hog futures showed further unwinding of spreads, which lifted some contracts to triple-digit gains in 2023 contracts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $197.22 -$0.25* Hogs: Steady Futures: Mixed Lean Equiv: $122.71 +$2.55** *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 futures just could not generate any excitement from traders Friday. One reason was cash trading was done for the week with little reason to expect any change. Another reason was the substantial increase of corn futures again as the focus has turned back to weather. The final reason is that weekly export sales were a disappointment. This left trades with little reason to buy into the market more aggressively. Feeder cattle showed heavier losses. The strength of corn overnight may put more pressure on feeder cattle, which may spill over to live cattle. Export sales were low at 11,000 metric tons (mt). Boxed beef prices were lower with choice down $0.18 and select down $0.73. Higher cash may be tough to obtain this week.