DTN Early Word Opening Livestock 06/08 06:25

DTN Early Word Opening Livestock 06/08 06:25 Cattle Markets Focus on Potential Cash Cattle Market Developments Cash cattle trade is likely to become more evident through the day with the delayed Fed Cattle Auction taking place Thursday morning at 10 a.m. Additional strong cash hog buying is expected to be seen through the complex. By Rick Kment DTN Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $161.90 + 0.39* Hogs: Steady-$2 HR Futures: Mixed Lean Equiv $ 96.41 - 0.81** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Even though bids and offers became more evident through the day Wednesday, there was little incentive for either side to focus on getting much business done at this point of the week. The Fed Cattle exchange which traditionally is seen as the first indicator of cash business of the week was delayed due to technical challenges, and will trade Thursday morning at 10 a.m. This may start the ball rolling more effectively in feedlot country once business gets done on the FEC Auction. Futures are expected to remain mixed with a combination of follow-through buyer support redeveloping after regaining ground from earlier in the week, while the weaker undertone that still exists in the feeder cattle market could hamper any end-of-week momentum, causing some position taking.