DTN Early Word Livestock Comments 04/18 06:19

DTN Early Word Livestock Comments 04/18 06:19 Cash Uncertainty May Keep Futures Mixed Livestock futures were a mixed bag with closer contracts in live cattle lower and differed contracts higher. Feeder cattle were higher in the front month and lower thereafter. Hog futures were mixed. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $219.85 -$1.01* Hogs: Higher Futures: Mixed Lean Equiv: $105.52 Unch** *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 did not have much to focus on leaving the market floundering on Wednesday. Cash cattle did not trade so far this week leaving traders thinking about the upcoming Cattle on Feed report. It seems a bit early to be positioning ahead of the report but with nothing else going on, it seemed like that was the thing to do. Boxed beef showed weakness with choice down $1.24 and select down $1.76. It is likely cash will trade lower again this week as the packers may not need to be aggressive. The Cattle on Feed report will be released on Friday. The trade estimates are for On-feed numbers on April 1 at 102% of a year ago. Placements in March are expected at 92.1% with marketings at 88.2% of a year ago.