DTN Early Word Livestock Comments 07/18 06:17

DTN Early Word Livestock Comments 07/18 06:17 Slow Start to the Week There may not be much to go on today in the cattle market. Cash business generally does not take place on Monday, leaving traders looking for some direction from boxed beef or other news. Feeder cattle might see some pressure from higher grains prices. Hogs might make another run at overhead price resistance due to strength of cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $197.69 +$0.55* Hogs: Steady Futures: Higher Lean Equiv: $130.18 +$3.49** *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: With cash cattle lower for the week and a seasonality of weakness for boxed beef prices, live cattle may have a difficult time finding solid footing Monday. However, seasonality is something that seems to be lacking in many markets and cattle may not be the exception. Pressure could be more prominent due to high inflation or beef prices might be in line with consumer demand, leaving the market stable. The availability of cattle and cattle weights may be the greater influencing factors. Slower demand with less beef might keep prices supported. Grain prices will have a large influence over the next month. Cash is called steady to lower this week.