DTN Early Word Opening Livestock 10/02 06:36

DTN Early Word Opening Livestock 10/02 06:36 Mixed Activity Expected Tuesday A combination of strong follow-through support following the Monday gains, and position-taking is expected to develop early Tuesday morning with traders focusing on outside market direction and limited developments in market fundamentals. By Rick Kment DTN Analyst Cattle: Steady Futures: Firm Live Equiv: $135.61 +0.76* Hogs: $1 Higher Futures: Mixed Lean Equiv: $ 86.02 +0.97** * 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 interest is still expected in cash cattle markets through the day Tuesday with packer interest quiet early in the day, but could slowly develop with a few starter bids. No significant market development is expected until midweek or after in cash cattle markets as feedlot managers are likely to keep asking prices elevated well into late week, although at this point, asking prices have not yet been established. There may be some additional focus on the direction of futures trade. Outside markets will play a larger role in the movement of live cattle trade, with the generally bullish trend continuing through the week, although the potential of a market correction could limit any upside market shifts Tuesday.