DTN Early Word Opening Livestock 10/24 06:28

DTN Early Word Opening Livestock 10/24 06:28 Cattle Gains Expected Following Cattle on Feed Report Futures traders are expected step back into the market early Monday morning following the Cattle on Feed report Friday, which posted a much tighter supply of cattle on Oct. 1 than expected. Feeder cattle placements were the biggest surprise in the report, coming in at 98% year-ago levels. By Rick Kment DTN Analyst Cattle: Steady Futures: Higher Live Equiv $121.68 + 0.52* Hogs: Steady to $1 LR Futures: Mixed Lean Equiv $ 77.08 - 0.60** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Packers are expected to remain short bought going into the week with most cattle still unsold late Friday afternoon. The focus of trade through the week is expected to move back to the redevelopment of activity in the futures trade, which surged over the last couple of trading sessions and the bullish Cattle on Feed report Friday afternoon. The typical Monday activity, which is focused on showlist distribution and inventory taking, may also see some late-minute trade activity, which could focus on quick delivery status of cattle in order to keep plants full through the end of the month. Futures are expected to remain aggressive through the morning as the focus on significantly lighter than expected placements of feeder cattle and lower cattle on feed numbers should give traders a strong reason to become more aggressive through the end of October.