Wednesday, April 24, 2024  
 
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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.
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