DTN Early Word Opening Livestock 04/29 06:20

DTN Early Word Opening Livestock 04/29 06:20 Mixed Cattle Trade Likely Early Monday A combination of follow-through selling and end of the month short-covering is expected Monday across most livestock trade. This recent shift lower is still filled with emotion as traders quickly try to adjust positions. By Rick Kment DTN Analyst Cattle: Steady Higher Futures: Mixed Live Equiv: $152.05 -0.26* Hogs: Steady Higher Futures: Lower Lean Equiv: $ 89.28 +0.67** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle futures are expected mixed in limited early-week activity following additional late-week pressure. The strong turn last week sparked additional technical pressure through the complex that started to erode noncommercial support that had been building in the live cattle and feeder cattle trade through most of the spring. Little to no changes have yet developed in the fundamental direction of cattle trade, but at this point, traders are focusing on breaking away from recent market highs as they look for additional longer-term direction through the rest of the summer. Following mixed cash cattle trade last week, the focus Monday will be on inventory taking and showlist distribution. This is likely to push any cash business out to midweek or later.