DTN Early Word Livestock Comments 07/01 06:05

DTN Early Word Livestock Comments 07/01 06:05 Mixed Trading Ahead of Extended Weekend Live cattle chopped around yesterday finally managing to close higher but not after establishing a lower high and lower low. Feeder cattle posted a strong day reacting to the weakness of corn. Hogs were higher for a time but disappointment with cash and demand pressured futures. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $195.27 -$0.48* Hogs: Steady Futures: Higher Lean Equiv: $115.11 -$1.31** *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 futures were able to close higher in most contracts, but certainly nothing to get excited about. Most cash trading is finished for the week leaving little to go on other than the strength of feeder cattle. Feeder cattle jumped on weakness of corn. Other than that, feeder cattle also had little to go on as auctions this week generally showed mixed price activity. Boxed beef prices were again lower with choice down $0.88 and select down $0.24. Weekly export sales were much better than the previous week at 17,000 MT, up 52%. China continues to be a consistent buyer. Futures are expected to drift today into the holiday weekend.