DTN Early Word Livestock Comments 08/01 06:22

DTN Early Word Livestock Comments 08/01 06:22 Limited Hope For Higher Cash Even though live cattle futures closed higher Friday, trading was somewhat lackluster. Feeder cattle reversed the initial negative trade to post a nice rebound for the day, but were significantly lower for the week. Hogs continued to push higher with the highest close since April. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $198.05 +$0.78* Hogs: Lower Futures: Mixed Lean Equiv: $135.41 -$1.50** *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 have struggled to retain initial strength seen from the Cattle on Feed report with futures weakening most of last week, giving back a good portion of its gains. Traders had a tough time supporting the market when cash could not find any traction. The initial expectations this week are for further pressure on cash. Packers seem to be in a good position where they do not need to bid for supply aggressively. Increased slaughter rates are being met with sufficient cattle. Higher boxed beef prices provided some support, but they may struggle this week as well. On Friday, choice increased $1.47 with select up $1.44.