DTN Early Word Opening Livestock 02/27 06:17

DTN Early Word Opening Livestock 02/27 06:17 Follow-Through Buying Expected Wednesday Buyers are expected to slowly step back into the complex early Wednesday morning following triple-digit gains in nearby contracts earlier in the week. The follow-through buyer support will likely build on late-month buyer interest moving into the complex. By Rick Kment DTN Analyst Cattle: Steady Futures: Higher Live Equiv: $145.89 -0.16* Hogs: Steady to $1 Lower Futures: Higher Lean Equiv: $ 65.41 +0.04** * 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 business continues to focus on limited trade direction with bids still undeveloped. Although asking prices are starting to become more available as the week continues, this may still not spark trade until late in the week. Even though packers remain short-bought, the lack of interest is likely to limit additional direction Wednesday, although a few bids may slowly develop. Futures trade is expected to continue to show market firmness, although with April contracts bumping up against the $130 per cwt level, there may be some resistance levels to move above these prices through the end of the month. If prices can hold contract highs through the end of the month, this would be a significant boost, potentially sparking even more activity through the upcoming weeks.