DTN Early Word Opening Livestock 09/17 06:20

DTN Early Word Opening Livestock 09/17 06:20 Cattle Gains Draw Support Mixed trade is expected to develop Monday morning as the sharp gains in cattle markets Friday will spark some additional market movements. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $135.90 -0.15* Hogs: $1 Higher Futures: Mixed Lean Equiv: $ 79.53 +3.53** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Limited cash cattle trade developed late last week with prices holding a wide range, but mostly around $110 live and $175 dressed. This is as much as $5 per cwt higher than the previous week based on the aggressive surge higher in futures trade Friday. October futures hit daily limits, pushing prices to nearly $114 per cwt as traders continue to focus on breaking out of the long standing sideways trend seen through the summer months. Futures are expected to remain mixed with a combination of position taking and follow-through buying developing in the opening minutes of trade. This could set the tone for the market over the next couple of days. Expect early trade to remain light, although the higher move last week should spark some additional long-term market support.