DTN Early Word Opening Livestock 03/16 06:41

DTN Early Word Opening Livestock 03/16 06:41 Firming Cattle Futures Expected on Strong Beef Values Aggressive gains in beef values over the last two days has sparked additional market support in the cattle complex. Traders continue to focus on the continued support in beef markets but are looking forward to the March 1 Cattle on Feed report, which will be released Friday. By Rick Kment DTN Analyst Cattle: Higher Futures: Higher Live Equiv $154.12 +$2.35 * Hogs: Steady to $1 LR Futures: Mixed Lean Equiv $80.02 -$0.89 ** * 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 cash cattle trade is not expected to develop through the day Wednesday, it is likely that some progress will be made before the day is over. The focus on the complex continues to be based on increased beef values, which have surged higher over the last couple of days. Cash trade is likely to be delayed until sometime Thursday or Friday with late Friday becoming the safer bet at this point, possibly after the Cattle on Feed report is released Friday. Futures trade is expected to be mostly higher in early trade based on fundamental support, but a moderate pullback may develop due to position-taking.