DTN Early Word Livestock Comments 03/28 06:22

DTN Early Word Livestock Comments 03/28 06:22 A Thursday Full of Reports Cattle futures were under pressure earlier Wednesday but managed to close higher as the liquidation ran its course. The potential for lower cash this week may not put further pressure on the market. Hog futures closed mixed with closer months higher and later months lower. Traders were positioning ahead of the Hogs & Pigs report Thursday. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Higher Live Equiv: $227.49 -$1.56* Hogs: Lower Futures: Mixed Lean Equiv: $100.01 -$1.27** *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: After three days of liquidation, the selling ran its course and traders bought back into the market Wednesday. Futures may be overdone to the downside unless cash falls over the next few weeks. Some light cash activity took place Wednesday, which was up to $3.00 lower. It may not have been enough to set the stage for the week, but it does indicate cash will be steady to lower. The bearish Cattle on Feed report and the sharp decline of futures set the stage for lower cash. Boxed beef prices showing weakness also may be a factor even though overall boxed beef prices have increased significantly recently. Boxed beef Wednesday was lower with choice down $2.51 and select down $1.83. Thursday is the final day for trading futures this week with the markets closed Friday.