DTN Early Word Livestock Comments 08/03 06:22

DTN Early Word Livestock Comments 08/03 06:22 Uncertainty to Dominate Market Cattle could not get their legs under them. Corn futures were lower but that did not provide any support Tuesday. Traders were concerned over the visit to Taiwan and the weakness of boxed beef. Hogs traded without much fanfare, ending the day mixed. True to form, cash traded very strong Tuesday. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $197.52 -$1.34* Hogs: Higher Futures: Higher Lean Equiv: $139.09 +$3.32** *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: Traders in the cattle complex seemed more concerned over what was taking place in other markets as well as what impact the Pelosi visit to Taiwan could have on beef. China has been a consistent buyer of U.S. beef and there is concern China may retaliate through increasing tariffs or purchasing fewer agricultural products for a time. That would not be supportive to beef prices as it could reduce export demand at a time when cattle supplies are plentiful. Boxed beef prices declined Tuesday with choice down $2.14 and select down $1.35. There were a few cattle traded Tuesday at steady prices with last week, but not enough to determine cash for the week.