DTN Early Word Opening Livestock 09/10 06:25

DTN Early Word Opening Livestock 09/10 06:25 Light Trade Expected Early Thursday Trade activity is expected to remain sluggish early Thursday as traders focus on regaining composure following the moderate position-taking pressure seen Wednesday. The focus on trader volume entering the market at the end of the week may be the key factor of price direction. By Rick Kment DTN Analyst Cattle: Cash: Steady Futures: 20 to 40 lower Live Equiv $160.43 + ___FCKpd___0.12* Hogs: Cash: Steady to $1 Lower Futures: 20 to 80 Lower Lean Equiv $90.43 -___FCKpd___0.05** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Packers and traders have made it to Thursday morning with not even a hint of activity seen in the cash markets, as both sides try to jockey for position in an attempt to direct the overall trend of the market through the rest of the month. Packer interest is expected to be more evident as the day progresses, but at this point it is likely to be Friday before active trade is seen. Asking prices are expected to redevelop around $146 in the South and $235 in the North, but at this point these are just starting points even though the week is well into the last half. Futures trade is expected to remain defensive following the positioning pullback seen Wednesday, but could help to develop the ground work for a late-week rally.