DTN Early Word Opening Livestock 04/03 06:01

DTN Early Word Opening Livestock 04/03 06:01 Hog Futures Building on Momentum Active buying in the lean hog trade Tuesday could give additional market support, which would add even more support to the entire complex this week. By Rick Kment DTN Analyst Cattle: Steady Lower Futures: Mixed Live Equiv: $149.63 -0.63* Hogs: Steady Futures: $2 Higher Lean Equiv: $ 86.29 -0.44** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Limited activity is expected early Wednesday with traders focusing on the lack of late-day support in feeder cattle on Tuesday. The focus in the livestock market will return to the actively-traded hog market, which is expected to have additional uncertainty. Sluggish support in beef values has caused traders to back away from long-term support, limiting upward market direction for April, which is curbing trade interest. Cash trade is undeveloped at this point, and likely to remain sluggish until late in the week. Packers may start to show a few bids during the day, but unless widespread futures selling develops, most feeders will not be willing to sell early this week, despite the early trade last week.