DTN Early Word Livestock Comments 08/04 08:12

DTN Early Word Livestock Comments 08/04 08:12 Livestock Futures Search for Support Cattle futures found support Wednesday from cash cattle trading steady. This eliminated the fear of lower cash and provided a catalyst for higher futures. Feeder cattle kept pace with matching gains. Hog futures moved higher only in the August contract with later months feeling the pressure of lower cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $197.21 -$0.31* Hogs: Lower Futures: Lower Lean Equiv: $133.56 -$5.53** *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 were waiting to see some cash support and finally got it. Not from higher prices, but steady prices. Anything was better than another week of lower cash. The week is not over, but trade in both regions developed at steady prices with last week. What will be watched is whether packers will be able to purchase sufficient cattle at steady money and continue to procure sufficient cattle for current needs as well as deferred delivery. Boxed beef prices closed lower with choice down $0.52 and select down $0.25. These were minor losses but kept keeping traders from getting too excited over demand. Weekly export sales and the movement of corn futures will influence trading activity Thursday.