DTN Early Word Opening Livestock 10/22 06:25

DTN Early Word Opening Livestock 10/22 06:25 Choppy Trade Expected Early Thursday Early activity Thursday is likely to remain slow with futures mixed in choppy trade. The complex is expected to be focused on outside market moves, as well as any developments in the cash marke. Cash business is not expected to develop until later in the week, although packer interest may become more evident as the day wears on. By Rick Kment DTN Analyst Cattle: Higher Futures: Mixed Live Equiv $145.68 + 0.17* Hogs: Steady to $1 LR Futures: $1 HR Lean Equiv $ 94.05 + $1.09** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cash market activity remains at a standstill Thursday morning with the little interest in Texas seen at midweek potentially developing once again. Additional bids are likely to surface through the day. It is likely that more interest will develop as the day continues but I wouldn't hold my breath as I would put my money on a mid- to late-Friday showdown before active trade develops. The fact that no asking prices in the North have been seen yet is beyond curious and may be showing a changing long-term trend of how business is being done, as asking prices in the North had typically been quickly shown early in the week. But you can't argue with the success of last week's strategy of letting packers come to you at the end of the week with offers. Futures are likely to open choppy with a general lack of direction through early-morning trade, with traders focusing on both outside market activity as well as trying to assess market fundamental factors.