DTN Early Word Opening Livestock 10/03 06:45

DTN Early Word Opening Livestock 10/03 06:45 Sluggish Trade Expected Early Monday Initial trade is expected to be quiet Monday as traders step into the month of October and the fourth quarter of 2016. Limit losses in cattle and hog futures Friday could cause more volatility as traders move back into the market Monday after having the weekend to reassess the situation. By Rick Kment DTN Analyst Cattle: Steady to $3 LR Futures: Lower Live Equiv $127.19 - 1.19* Hogs: Steady to $1 LR Futures: Mixed Lean Equiv $ 79.01 - 0.20** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Although Monday is the fresh start of a week, a month and a quarter, futures and cash traders are going to be entering the same bearish market that they left Friday afternoon, except with an even more uncertain outlook on concerns over where beef fundamental support will lead over the fourth quarter. Packers are expected to enter the week and month of October short bought once again, and will be looking for the opportunity to gain access to cattle. But with October futures priced below $100, cash bids are expected to be at levels not seen for a long time. The ability to rebuild market support through the early part of the week is going to be essential to drawing additional commercial and noncommercial support back into the market.