July 28, 2021
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DTN Early Word Livestock Comments      07/28 06:23
   Mixed Trading Expected

   The livestock complex took a breather Tuesday with traders now assessing
just how much higher beef prices will go and whether the uptrend in hogs can be
maintained.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher   Futures: Mixed   Live Equiv:   $201.02 +1.53*

   Hogs:  Steady   Futures: Mixed   Lean Equiv:  $130.30 +0.55**

   * 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:

   Live cattle futures tried, but just could not maintain the upward momentum
Tuesday. The October contract made a higher high reaching near chart
resistance, but then fell back as buying interest waned. Boxed beef continued
to push higher as retail is looking ahead to Labor Day demand. Choice cuts
gained $1.80 with select cuts up $3.02. Whether the strength in boxed beef will
increase the need for packers to step up and pay more for cattle remains to be
seen. The few cattle that traded Tuesday was not a good indication of what will
possibly take place Wednesday or the rest of the week. Weights are holding
rather steady at the time of year when generally they would increase,
indicating marketing is current.
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