DTN Early Word Opening Livestock 10/01 06:09

DTN Early Word Opening Livestock 10/01 06:09 Early-Month Jitters Expected Traders transitioning into the month of October could allow for moderate price shifts following the wide price shifts Monday and continued uncertainty surrounding market exports. By Rick Kment DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv: $136.40 -0.74* Hogs: Higher Futures: Higher Lean Equiv: $ 78.47 +0.47** * 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 to continue in cash cattle trade the next couple of weeks. Showlists floated Monday are generally mixed with increased offerings in the South offset by less cattle on lists through the North. The fact that packers have access to October contracts will likely limit the overall need to remain aggressive at the end of the week. Asking prices and bids may start to slowly trickle into the market over the next couple of days, but it is expected that active trade may not develop until later in the week. Sharp losses in feeder cattle trade Monday quickly focused on the aggressive move higher in corn trade following Monday's USDA report. Traders will closely follow outside markets early Tuesday morning with mixed price moves likely in live cattle and feeder cattle trade. Given the recent underlying support slowly developing in live cattle futures, early short covering may quickly develop in nearby feeder cattle trade as October and November futures appear to have gotten caught up in the market momentum of corn markets, while more moderate and stable price shifts through the rest of the cattle market seems to be moderating overall trade temperature.