DTN Early Word Opening Livestock 04/24 06:39

DTN Early Word Opening Livestock 04/24 06:39 Unsettled Market Moves Lead to Additional Uncertainty Friday Wide market swings that developed in cattle and hog markets Thursday is leaving a potential morning direction unclear. The combination of sharply higher meat values, while livestock producers struggle to find a place to go with market-ready cattle and hogs will create additional volatility at the end of the week. By Rick Kment DTN Analyst Cattle: Mixed Futures: Mixed Live Equiv $182.80 +6.22* Hogs: Higher Futures: Mixed Lean Equiv $ 81.36 +3.39** * 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 trade became more active Thursday with light-to-moderate movement seen through most areas. Dressed trade in the North was at mostly $160 per cwt. This would be about $3 per cwt above last week's price average. Live cattle was seen in Kansas, although limited live trade took place in other areas of cattle trade, but prices fell $3 per cwt from last week at $100 per cwt. With the release of the monthly Cattle on Feed report at 2 p.m. Friday afternoon, additional cash market trade may be delayed until after the report release. Early estimates of the April 1 Cattle on Feed report points to significantly higher marketing levels through March, while on feed and cattle placement levels are expected to remain well below year-ago levels. The wide range in estimates heading into the report shows uncertainty of how accurate these projections may be when the report is released. Futures trade is expected to remain mixed, but increased volatility is likely through late week trade. Even though April contracts remain generally dead in the water, and not a true reflection of market activity, the move to limit losses Thursday will allow for expanded trading limits in the complex Friday. Prices will be able to move $4.50 per cwt in either direction before being stopped by trade limits, which may add even more uncertainty. Friday slaughter is expected at 89,000 head.