DTN Early Word Opening Livestock 07/05 06:15

DTN Early Word Opening Livestock 07/05 06:15 Quiet Trade Expected Friday Following Thursday's holiday, limited interest is expected to redevelop as many traders are absent for the long holiday weekend. This could spark additional market shifts based on lack of volume in the complex. By Rick Kment DTN Analyst Cattle: Steady to $1 Higher Futures: Mixed Live Equiv: $140.59 -0.62* Hogs: Steady to $1 Lower Futures: Mixed Lean Equiv: $ 76.43 -1.73** * 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 traded developed Wednesday afternoon with light-to-moderate trade in most areas. Although there may be some clean-up trade on Friday, especially in the North, it is likely that the tone of the market is set. Both sides desired to get needed cattle sold before the holiday break, which may mean limited bids Friday morning. Cash cattle trade developed at $108 to $110, mostly $109 in the South, steady with last week, while at $178 to $182, mostly $180 in the North. Northern trade was generally $1 per cwt higher than last week. Futures trade is expected to remain sluggish also following the wild pre-holiday shift sparked by aggressive moves in grain trade. Renewed concern of aggressive corn price gains and the impact on short- and long-term production costs quickly influenced the limited trade volume. Overall interest in the market is expected to remain limited as many traders will likely remain out of the market following Thursday's Independence Day celebration. The limited activity could spark some wide price swings with the traders in the market adjusting positions in live cattle and feeder cattle trade.