DTN Early Word Livestock Comments 08/11 06:19

DTN Early Word Livestock Comments 08/11 06:19 Weekly Export Sales to Influence Trade Livestock were higher across the board Wednesday. Light cash cattle trade pointed to the potential for higher cash for the week. Demand for feeder cattle is strong with tighter numbers. Hogs traded the higher cash from Tuesday and showed strong technical buying. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $193.99 -0.87* Hogs: Lower Futures: Mixed Lean Equiv: $131.75 -$0.18** *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: The uptrend in cattle futures remains intact. Even though there has been anticipation of high cash cattle trade again this week, traders many times seem surprised when it happens resulting in a bump in futures. The reason for this is traders are exercising caution rather than trying to anticipate higher prices in the nearby month. Later months are anticipating higher prices following a seasonality. There is caution due to boxed beef prices not showing consistent strength from week to week. Wednesday, boxed beef was lower with choice down $1.51 and select down $1.16. Limited trade took place in the North about $2.00 higher. Southern cattle were untested. Cash traded is expected to be active Thursday. Weekly export sales may have an influence on trading activity.