DTN Early Word Opening Livestock 06/12 06:10

DTN Early Word Opening Livestock 06/12 06:10 Mixed Futures Trade Expected to Trickle Into Market Early Monday Lack of direction is expected to be seen early Monday as traders continue to focus on the mixed cash market direction seen late last week. Cash cattle trade ended higher in the North and mixed in the South, but the overall lack of direction in futures trade at the end of the week may create uncertainty. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv $162.25 + 0.41* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 97.92 + 0.03** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light to moderate trade developed in all areas of cattle country late Friday afternoon with prices generally higher than the previous week. The overall tone of the market continues to draw buyer support back into the market with the most momentum seen in the North as prices were seen steady to $4 per cwt higher. Prices in the South were listed at $1 lower to $1 per cwt higher. Generally live basis prices were seen at $134 to $137 with most prices at $136 to $137 per cwt. Prices in the North were seen at $216 to $220 with most sales at $218 to $220 per cwt. Futures trade is expected to remain mixed follow the late-week pressure which developed. Follow-through selling and early-week short covering is likely to step back into the market although initial volume is likely to remain sluggish through the entire complex.