DTN Early Word Livestock Comments 08/25 06:12

DTN Early Word Livestock Comments 08/25 06:12 Hog Support Remains Elusive Cattle continue to bleed lower as there is little fundamental news to support futures after the upside chart in the October contract was closed last week. Steady to lower cash is weighing on the market. Hogs took another beating Wednesday with support elusive as cutouts remain weak. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Lower Live Equiv: $193.69 -$0.23* Hogs: Lower Futures: Mixed Lean Equiv: $111.02 -$2.09** *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: Fear and reality seem to be coming together with cash looking to be steady to lower this week. The rebound of corn prices is putting reactionary pressure on the market. Feedlots that have cattle that need to be moved are anxious to sell as the cost of feeding them is rising. Packers are looking at seasonality and potentially slower demand. Boxed beef was mixed with choice up $0.03 and select down $1.18. Nearby feeder cattle closed slightly higher as demand remains strong due to lower availability. Thursday is the last day to trade the August feeder contract.