DTN Early Word Opening Livestock 03/26 05:51

DTN Early Word Opening Livestock 03/26 05:51 Cattle Trade Looking for Support Strong early-week losses have allowed for increased uncertainty through cattle trade as traders try to adjust to larger feedyard numbers. By Rick Kment DTN Analyst Cattle: Steady Futures: Lower Live Equiv: $150.78 -0.01* Hogs: $2 Higher Futures: Mixed Lean Equiv: $ 84.70 +2.41** * 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 activity is expected to remain sluggish through most of the week with bids and asking prices undeveloped Monday. Showlists are generally larger with Texas the only region posting lighter offerings for the week. Bids and asking prices may not develop until late Tuesday or Wednesday, with trade likely to be pushed off to the end of the week. Strong price pressure ratcheted markets back from the top edge of the trading range following increased cattle on feed numbers. Although the increase in placements and overall on feed numbers is not likely enough to push prices lower in itself, the uneasiness through the entire livestock complex added to the overall market pressure. Early trade is expected to remain under pressure, although nearby contracts are expected to still hold short-term support levels, allowing markets to hover in the currently wide sideways pattern in the next couple of weeks.