DTN Early Word Opening Livestock 10/19 06:34

DTN Early Word Opening Livestock 10/19 06:34 Mixed Trade Expected in Hog Futures Lack of support quickly developed across lean hog futures trade late Tuesday afternoon, allowing December contracts to set new contract lows. This is creating additional uncertainty as traders enter the market Wednesday. Cattle markets are expected to remain lightly traded in an early narrow range, although little cash market interest is expected to develop until at least later in the session. By Rick Kment DTN Analyst Cattle: Steady to $2 LR Futures: Mixed Live Equiv $123.39 - 0.24* Hogs: Steady to $1 LR Futures: Lower Lean Equiv $ 78.99 - 0.16** * 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 midweek is expected to remain uneventful early Wednesday with packers still expected to remain reluctant to float bids at this point, but it is likely that starter bids will become more evident as the day goes on. Asking prices will become more evident as we go, but not much has been seen other than Southern offerings listed at $100 to $102. It is likely that without a strong shift in cattle futures trade or outside market movement, cash business will be delayed until sometime Thursday or Friday, although some trade may start to trickle in through the day late Wednesday as seen last week. Futures trade is likely to start out firm. There is concern that the lack of follow-through support on Tuesday is evidence that buyers may be running out of momentum. If this does develop, the market range may be significantly limited to the upside through the month of October.