DTN Early Word Opening Livestock 02/15 06:14

DTN Early Word Opening Livestock 02/15 06:14 Firm Undertone Likely Early Thursday The strong market support over the last couple of days is likely to help draw additional buyer support back to the table. This may add even more market movement in both cattle and hog trade during the Thursday session. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv $140.15 +0.27* Hogs: Steady to $1 Lower Futures: Mixed Lean Equiv $ 82.66 +0.02** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle futures are expected to be mixed to mostly higher following the moderate-to-firm gains seen in the complex Wednesday. Even though futures remain in a short-term sideways pattern, thanks to the most recent buyer support, early-month short-term resistance could be tested. A combination of position-taking and follow-through buying is likely to keep traders in a choppy pattern during most of the morning. Cash cattle trade remains undeveloped going into the morning Thursday, although both sides are expected to become more active. A $6 per cwt gap continues between asking prices and early-week bids, which will likely narrow over the next couple of days. It likely could be late Friday before trade develops.