DTN Early Word Opening Livestock 01/29 07:33

DTN Early Word Opening Livestock 01/29 07:33 Feeder Cattle Futures Expected Firm Firm gains have moved through feeder cattle futures early in the week with follow-through market shifts expected in early trade. Position squaring is expected to develop later through the morning as initial activity subsides. By Rick Kment DTN Analyst Cattle: Steady Futures: Higher Live Equiv: $144.46 +0.04* Hogs: Steady to $1 Lower Futures: Mixed Lean Equiv: $ 73.04 +0.83** * 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 trade is expected to remain quiet with bids and asking prices undeveloped Tuesday morning. It is likely that active trade may happen until sometime Thursday or Friday. Bids may start to slowly develop midweek, but probably quiet until later in the week. Feeder cattle futures are expected to still carry a bullish tone through the first half of the week following a $3 per cwt rally in nearby contracts, pushing prices off of January lows. The firm support in live cattle trade through the entire month seems to be slowly bringing additional market interest back to the market. Despite the firm undertone in the complex, trade may actually remain mixed as traders focus on potential shifts in outside trade as the overall support may bring about positioning opportunities at the end of the month.