DTN Early Word Livestock Comments 02/08 06:25

DTN Early Word Livestock Comments 02/08 06:25 Weekly Export Sales, WASDE Reports to Influence Trade Thursday Cattle futures could not push through to another new high Wednesday, but the uptrend is still intact. Cash cattle have not traded yet this week, leaving traders hopeful but cautious. Hogs moved aggressively higher during the day but succumbed to selling pressure, resulting in a mixed close. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $217.80 +$0.62* Hogs: Higher Futures: Higher Lean Equiv: $99.10 -$2.24** *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: Cattle traders will watch three items Thursday. The weekly export sales report will indicate international demand. The WASDE report will influence grain prices and it will also show USDA's estimates for beef production and inventory. The most important item will be cash trade. Futures already have a price increase factored in, but higher cash may provide further support to the market, keeping the uptrend intact. Offers have not yet been posted in the North with offers at $182 or higher in the South. Boxed beef was higher with choice up $0.91 and select up $0.82. Feeder cattle moved to a higher high before slipping back, keeping the uptrend alive and well. Feeder cattle continue to command higher prices at auctions as cattle feeders are optimistic about cattle prices throughout the year.