DTN Early Word Opening Livestock 01/10 05:55

DTN Early Word Opening Livestock 01/10 05:55 Mixed Trade Expected Early Wednesday Strong early-week support in cattle trade is expected to redevelop early Tuesday, allowing follow-through buying to develop in live cattle futures. Hog markets are expected mixed due to limited initial trade volume. By Rick Kment DTN Analyst Cattle: Steady-$2 Higher Futures: Mixed Live Equiv: $142.16 -0.32* Hogs: $1.50 Higher Futures: Mixed Lean Equiv: $ 74.80 -0.40** * 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 activity continues to remain generally undeveloped with asking prices expected to be restated similar to midweek levels at $126 live and $200 to $202 dressed. Packer interest is expected to improve through the day, although bids are not likely to quickly approach asking prices at this point. It is likely that trade will be delayed until Friday, although the direction of futures trade will have a major impact in the cash market direction. Live cattle futures are expected to remain mixed with early-morning short-covering developing as traders try to adjust to midweek pressure. The tone of the market continues to move higher, with the strong possibility that renewed contract highs may develop before the end of the week. This is likely to help solidify additional buyer activity through the entire complex.