DTN Early Word Livestock Comments 08/24 06:13

DTN Early Word Livestock Comments 08/24 06:13 Hogs May See Further Pressure Live cattle again held in the face of strong corn futures as they continue to shrug off the bearish Cattle on Feed report. Feeder cattle succumbed to higher corn futures with mostly triple-digit losses. Hogs were under some pressure with more of a reality check likely to take place Wednesday. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $193.92 -$0.76* Hogs: Steady Futures: Lower Lean Equiv: $113.11 -$12.53** *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: Live cattle traders searched for a reason to trade one way or the other with limited direction surfacing. It was thought cash could be steady this week and a few transactions Tuesday seemed to indicate that may be the case. Wednesday will test the resolve on both sides and set direction. Live cattle were able to remain stable despite the strength of corn futures. The same could not be said for feeder cattle as they were under pressure even though there remains strong demand for feeder cattle at auctions. Boxed beef was mixed with choice down $1.72 and select up $0.44. Traders may take a wait-and-see attitude Wednesday.