DTN Early Word Opening Livestock 07/02 06:13

DTN Early Word Opening Livestock 07/02 06:13 Mixed Trade Expected Tuesday Moderate-to-wide market adjustments are expected in cattle and hog futures Tuesday as traders assess market direction this week and adjust to the wide market swings seen on Monday. Limited volume is likely through the rest of the week with traders going into "holiday mode" ahead of the Fourth of July. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed: Live Equiv: $140.84 +0.05* Hogs: Steady to $2 Lower Futures: Mixed: Lean Equiv: $ 78.23 -0.56** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Mixed trade is expected in live cattle and feeder cattle trade Tuesday as traders focus on previous market support driven by the adjustments in grain markets. Tuesday markets over the past several weeks have remained volatile, which could lead to additional market shifts, especially in front of the holiday Thursday. The triple-digit gains in feeder cattle have created only limited support in live cattle trade with firming market support developing in early July, but unable to spark aggressive interest due to questions about summer beef demand growth. Cash cattle trade interest remains quiet with bids and asking prices still hard to pin down early Tuesday morning. It is likely that both sides will become more active through the day in a desire to wrap up any needed cash business by the end of the day Wednesday. With markets closed and packers dark Thursday for Fourth of July, both sides will want to get as much business done early in the week as possible in order to have a four-day weekend.