DTN Early Word Livestock Comments 04/29 06:03

DTN Early Word Livestock Comments 04/29 06:03 Hog Futures Likely to Rebound Steady to higher cash cattle last week provided the support futures needed to close higher. This may give traders further confidence to buy into the market. Hogs futures fell back eliminating the past week's gains as liquidation pressure drove the market. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $219.30 -$0.09* Hogs: Higher Futures: Mixed Lean Equiv: $103.54 +$0.09** *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: Cash cattle maintained steady to higher cash prices that began to surface as the week progressed. This will give feedlots more confidence to hold for nothing less than steady prices this week. The packers may not cut back much further than they have and will need to maintain the current slaughter pace. Southern cattle traded at steady cash compared to the previous week with Northern cattle trading $2 higher. Boxed beef was mixed on Friday with choice up $0.22 and select down $0.94. Feeder cattle led the charge on Friday posting triple-digit gains with May through October contracts gaining over $2.00. The Commitment of Traders report showed fund traders adding 3,081 contracts to bring their live cattle net long futures positions to 40,113 contacts. There were 620 feeder cattle contracts added bringing the net long futures positions to 4,801.