DTN Early Word Livestock Comments 03/26 06:24

DTN Early Word Livestock Comments 03/26 06:24 Hogs May See Further Strength Tuesday Cattle futures were on a roller coaster Monday as traders reacted to the Cattle on Feed report. Hog futures found strong buying interest, eliminating the losses of the second half of last week. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $229.30 +$0.18* Hogs: Higher Futures: Higher Lean Equiv: $101.69 +$2.36** *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 futures opened lower Monday due to the bearish implications of the Cattle on Feed report. However, contacts pushed back into positive territory before falling back again near the level where they opened. Some of the bearishness of the report had already been factored in, which may provide some more aggressive buying interest Tuesday. The February Cold Storage report showed beef in storage was down from January and from a year ago, but the storage report should not have much impact on trading activity Tuesday. Boxed beef prices were slightly higher with choice up $0.17 and select up $0.49. There have not been any cash cattle traded, but trade may take place earlier this week due to Good Friday. Packers may want to wrap up business early.