DTN Early Word Opening Livestock 03/17 06:46

DTN Early Word Opening Livestock 03/17 06:46 Fundamental Strength Continues to Support Futures Trade Firm follow-through commercial buying is expected to develop in nearby live cattle and lean hog futures contracts early Thursday despite lackluster volume through most of the morning. Traders are continuing to focus on the development of cash market activity while monitoring the direction of meat values, which have seen strong support. By Rick Kment DTN Analyst Cattle: Higher Futures: Higher Live Equiv $155.78 +$1.66 * Hogs: Steady to $1 LR Futures: Mixed Lean Equiv $ 81.27 +$1.07 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cattle futures complex is expected to start out higher Thursday. But the lack of aggressive price gains in deferred live cattle contracts late Wednesday is also opening the door for a moderate correction before the end of the week, especially if light trade is seen through the morning Thursday. Cash cattle trade has yet to be seen. This is expected to change as packers are likely to become more active through the day, although it still may not be able to bring any sales to the surface until sometime Friday.