DTN Early Word Opening Livestock 03/11 06:30

DTN Early Word Opening Livestock 03/11 06:30 Futures Volatility Still Expected Midweek Following aggressive triple-digit gains Tuesday, traders are expected to become more focused on longer-term direction as mixed movement is expected to move back into the complex. The strong push lower in outside stock market futures overnight suggests that early pressure may develop in cattle futures. By Rick Kment DTN Analyst Cattle: Lower Futures: Mixed Live Equiv $136.93 -1.02* Hogs: Steady Futures: Mixed Lean Equiv $ 72.81 +0.01** * 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 markets remain quiet moving into midweek, with both sides looking for more than one-day price shifts to base this week's cash cattle trade on. The sharp back and forth moves during the week in futures trade may leave most activity until the last half of the week. Asking prices are expected to remain near $112 to $113 live and $180 and higher dressed, but bids could remain far and few between through the first half of the day. More focus will be placed on the direction of beef values and futures trade the next couple of days, as both sides appear willing to wait for a little more stability before becoming more active in the market. Futures trade is expected mixed in limited trade. The pullback from previous gains in outside markets during overnight trade is expected to put limited to moderate pressure on most cattle trade, which posted aggressive triple-digit gains on Tuesday. Even if Tuesday's rally can indicate that a market bottom has been set, given the uncertainty in outside markets and continued concern of how coronavirus will impact overall economic health over the coming months, the road to recovery will be a long and winding one. Wednesday slaughter is expected near 121,000 head.