DTN Early Word Opening Livestock 03/05 05:37

DTN Early Word Opening Livestock 03/05 05:37 Cattle Weakness Expected Follow-through pressure is expected early Tuesday in cattle trade. This could continue to erode previous support as traders start looking for any sign of support in April contracts. By Rick Kment DTN Analyst Cattle: Steady Futures: Lower Live Equiv: $148.22 +0.96* Hogs: Steady to $1 Lower Futures: Mixed Lean Equiv: $ 67.34 +1.01** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Firm pressure is expected to redevelop during early trade as limited support in the April contract Monday is sparking some uncertainty surrounding fundamental support. With April contracts closing Monday at $128.35 per cwt, continued pressure may develop until traders find any sense of support or can trigger any technical market shifts. The current gains the last couple of weeks could allow prices to wander in a wide $3 per cwt trading range without any significant market technical moves. The inability to move through long-term support may be the main hurdle traders have to face in the coming weeks. Cash cattle trade remains undeveloped with bids and asking prices still hard to pin down. This is likely to keep active trade from developing until the last half of the week.