DTN Early Word Opening Livestock 02/09 05:54

DTN Early Word Opening Livestock 02/09 05:54 Mixed Cattle Trade Likely Friday Light support Thursday across livestock trade is going to be countered with the weakness in outside markets that could bring additional volatility to the entire market at the end of the week. Initial early buyer support in cattle trade may be limited by light volume and outside market uncertainty. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv $140.56 -0.07* Hogs: $1 -$2 Lower Futures: $1 Lower Lean Equiv $ 82.00 -0.42** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Mixed trade is expected to redevelop early Friday morning across live cattle and feeder cattle markets. The initial market support during the early hours of trade over the past two days has helped to bring a sense of stability to the market, although price levels have been unable to hold early strong gains. The pressure in stock markets Thursday is adding additional concerns to the cattle market, which could limit additional longer-term demand support across the complex. Traders are looking for initial light trade, but the ability to hover within the recent trading ranges could help to spark some late-week buyer interest. Cash cattle trade remains undeveloped with bids and asking prices essentially unmoved over the last few days. Bids are expected to redevelop at $124 live and $196 to $198 dressed, but the gap between asking prices and bids will likely narrow quickly as deals need to be done before the end of the week. It could be afternoon Friday before any indication of cash cattle trade takes place.