DTN Early Word Opening Livestock 09/11 06:36

DTN Early Word Opening Livestock 09/11 06:36 Narrow Trade Ranges Expected Friday Morning Lack of direction over the last couple of trading sessions in futures markets are expected to keep markets in a narrow range through early trade. Additional focus is expected to be put on the development of cash cattle trade through the day. By Rick Kment DTN Analyst Cattle: Cash: Steady Futures: Mixed Live Equiv: $160.35 - ___FCKpd___0.32 Hogs: Cash: Steady to $1 Lower Futures: 10 to 30 Higher Lean Equiv $89.02 - $1.41** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Even though the process took a long time to develop through the week, packers stepped into the market late Thursday, and were rewarded with light trade developing through the North. It is expected that more activity will have to be done before the end of the day Friday, but we have been fooled before by packers to get by on minimal cash purchases. Trade was seen from $220 to $222 per cwt in the North, but most deals remained steady as given the uncertainty in the futures complex, feeders seem content settling for even money following the previous three weeks of depressed markets. Additional activity is expected through the day Friday, although at this point it may not develop until the second half of the day. Futures trade is expected to open mixed in a narrow range, although the lack of confidence in feeder cattle trade through the last couple of days could keep most traders extremely cautious.