DTN Early Word Livestock Comments 08/29 06:01

DTN Early Word Livestock Comments 08/29 06:01 Traders Uncertain Over Cash Cattle paddled against the wind on Friday as soaring corn prices created resistance. Added to that was the weakness of cash cattle trade leaving the market struggling to find footing. Hogs may have found support but with lower cash and lackluster cutouts, the market may struggle to regain losses. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $194.00 -$0.13* Hogs: Lower Futures: Mixed Lean Equiv: $110.24 -$0.45** *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: Feeder cattle were under pressure due to the strength of corn. It may be difficult to find support today with corn higher again overnight. The reduced corn yield potential seen on the Pro Farmer Crop Tour may keep corn prices elevated with the potential for higher prices as the crop is harvested. Live cattle could not overcome the spillover pressure from feeder cattle along with steady to lower cash last week. This week will be interesting as Labor Day will disrupt the usual buying habits of packers. Slaughter pace has been brisk with some purchasing done for the week ahead. Steady cash may be all the packers will want to pay due to lackluster boxed beef. Choice was down $0.78 with select up $1.22.