DTN Early Word Opening Livestock 05/23 06:31

DTN Early Word Opening Livestock 05/23 06:31 Mixed Trade Expected Early Thursday Limited volume is expected through the end of the week with traders caught between follow-through selling interest and pre-holiday short-covering. Firmness is expected following the April Cold Storage report, which showed strong red meat clearance through the month of April. By Rick Kment DTN Analyst Cattle: Steady to $2 Lower Futures: Mixed Live Equiv: $143.26 -0.11* Hogs: Steady Futures: Mixed Lean Equiv: $ 89.84 -2.24** * 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 is well on its way following light trade in most areas Wednesday. Increased interest in the South and dressed trade in the North late day has likely set the tone on market prices, barring any significant shift in futures trade the next couple of days. Live trade in the South developed at $114 to $115 per cwt, $1 to $2 per cwt lower than last week, while dressed trade is at $185 to $186, mostly $185 and steady with last week. Even though numbers are light, trade may be done through the South, although it is expected that additional live and dressed business will still develop in the North the next couple of days. Futures trade is expected mixed with limited buying likely to develop in the complex. With the release of the April Cold Storage report posting moderate-to-firm reductions of beef in freezers, the emphasis once again moves to the current strong demand in the complex. This should offset bearish expectations in the upcoming Friday Cattle on Feed report.