DTN Early Word Livestock Comments 07/19 06:24

DTN Early Word Livestock Comments 07/19 06:24 Buying Momentum Could Continue Tuesday The livestock complex was generally higher Monday with hogs leading the way. Hogs are not influenced as much as cattle are by corn prices. Hogs are influenced more by cash and cutouts. Lower corn overnight may provide support to cattle Tuesday. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $198.69 +$1.00* Hogs: Higher Futures: Lower Lean Equiv: $129.96 -$0.22** *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: Cattle held well Monday in the face of higher corn futures. There is limited anticipation for higher cash cattle trade this week but the discount to cash in August live cattle may support futures. Cash cattle did not trade Monday and are not expected to see much activity develop Tuesday. Boxed beef was higher with choice up $1.64 and select up $0.87. That may be about it for strength of boxed beef for the week as demand remains a concern and prices may drift after weekend movement is replenished. The General Administration of Customs reports China's beef imports for June from any country are up 42.7% year-over-year at 230,000 tons with year-to-date imports up 1.7% at 1.15 million tons. The Commitment of Traders report showed funds buying 3,783 contracts of live cattle, bringing their net-long positions to 18,080 contracts.