DTN Early Word Opening Livestock 09/29 06:48

DTN Early Word Opening Livestock 09/29 06:48 Narrowly Mixed Trade Expected Early Thursday Sluggish trade is likely to develop as traders in both lean hog and live cattle futures try to establish their footing early in the session after wild, early-week trade stabilized Wednesday. Mixed activity is likely to focus on a combination of short-covering and follow-through selling while also focusing on outside market direction. By Rick Kment DTN Analyst Cattle: $2 to $4 LR Futures: Mixed Live Equiv $129.02 + 1.06* Hogs: Steady to $1 LR Futures: Mixed Lean Equiv $ 80.33 - 2.40** * 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 cattle trade remained light to moderate in most areas Wednesday with prices generally $3 to $4 per cwt through the South and $103 to $104 for live basis. In the North, dressed price ranges were mostly $160 to $163 per cwt, which is $4 to $7 per cwt lower than last week. Most business will likely be done in the South, although additional totals will likely need to be moved yet in the North in order to satisfy next week's procurement needs. But end of the week movement could trickle in through all areas, although without a major shift in futures or boxed beef movement, prices are likely already set. Futures are expected to open mixed in a moderate range as traders focus on additional follow-through support from buyers and will try to establish a market bottom near $103.50 in the October and December contracts.