DTN Early Word Opening Livestock 01/24 05:57

DTN Early Word Opening Livestock 01/24 05:57 Cattle Futures Expected Firm Thursday Follow-through support is expected to move into live cattle trade during early trade Thursday. Initial moves in hog trade is likely to focus on short-covering opportunities as traders attempt to bring stability back to the complex at the end of the week. By Rick Kment DTN Analyst Cattle: Steady Futures: Higher Live Equiv: $144.49 -0.41* Hogs: Steady Futures: Mixed Lean Equiv: $ 73.28 -0.93** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle futures are expected to remain higher during early trade following strong midweek gains. The ability to push prices higher in feeder cattle Wednesday is expected to create a combination of follow-through buyer support, mixed with morning position-taking as traders still remain uncertain about strong additional gains moving into feeder cattle trade especially at the end of the month. Live cattle futures are expected to continue to quickly follow the direction of feeder cattle markets through the day Thursday, but will also focus on outside market direction shifts through the session. Cash cattle markets are likely to spark additional market interest, although bids through most of the morning are expected to redevelop near $122 live and $196 dressed. Asking prices remain well above current bids at $126 and higher live and $200 dressed. Active trade is probably going to be pushed off until sometime Friday.