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DTN Early Word Livestock Comments 03/23 06:04

23 Mar 2023
DTN Early Word Livestock Comments 03/23 06:04 Support Remains Elusive The livestock complex had its head under water Wednesday with no positive futures prices across the board. Cash cattle traded mixed. Hogs fell significantly as the path of least resistance is down without fundamental support. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $209.00 +$0.29* Hogs: Lower Futures: Lower Lean Equiv: $87.14-$1.66** *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: Cash cattle traded Thursday rather than holding out to the end of the week. Volume was light but it may have been sufficient to set the stage for the rest of the week. Trade in the South was $1.00 lower than last week while dressed trade in the North was steady to $1.00 higher. Live cattle futures made a new low again Wednesday, but recovered significantly as futures carry a discount to cash. Boxed beef continues to struggle as choice gained $1.38 while select declined $1.73. Feeder cattle showed a little more pressure than live cattle with traders uncertain of buyer interest at auctions with the recent weakness of live cattle.

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