DTN Early Word Opening Livestock 12/04 06:30

DTN Early Word Opening Livestock 12/04 06:30 Hog Traders Look for Additional Support The rebound in lean hog futures and cash hog prices Tuesday is putting additional focus on further market support developing through the rest of the week. Limited direction is expected in cattle trade with traders sorting out longer-term direction in the currently sideways trading pattern. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv $149.58 +1.10* Hogs: Steady to higher Futures: Higher Lean Equiv $85.58 -2.25** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: It is expected that additional cash cattle interest will develop through the day Wednesday, although at this point, it seems a little premature to expect moderate to active trade to develop midweek as most activity is likely to be pushed off until Thursday or Friday. Asking prices are expected to remain firmly planted with live cattle in the South priced at $122 while dressed cattle in the north carrying a $193 and higher price tag. The fact that bids are not yet developed should be no surprise even though packers seemed to go into the week generally short bought following the holiday trading week. The stability in futures trade and expectations of increased packer activity through the end of the year is likely to point to steady to higher cash prices once the dust settles at the end of the week. Futures trade is called mixed in limited early trade. Although late day support Tuesday helped to pull prices away from a moderate sell-off, the general tone of the market remains firm but cautious. Wednesday slaughter runs are expected at 118,000 head.