DTN Early Word Livestock Comments 04/24 06:09

DTN Early Word Livestock Comments 04/24 06:09 Hog Futures May Hit Price Resistance Wednesday Live cattle and feeder cattle diverged with live cattle lower and feeder cattle higher. Cattle futures rebounded substantially from the lows earlier in the day. Hogs had a banner day with strong gains as packers remained aggressive. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $220.42 +$0.88* Hogs: Higher Futures: Mixed Lean Equiv: $102.85 -$4.81** *Based on the formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv. The 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: The June and August live cattle contracts closed the chart gaps that were left after the opening on Monday while later contracts retain those chart gaps. Both live cattle and feeder cattle futures rebounded substantially from their lows during Tuesday, which is a testimony of the resiliency of the market due to overall tight supplies. The anticipation of the trade is for cash to be steady this week, which will provide some confidence to traders to buy into the market. Boxed beef was higher with choice up $1.47 and select up $0.89. Thursday is the final day to trade April feeder cattle.