DTN Early Word Opening Livestock 10/04 06:12

DTN Early Word Opening Livestock 10/04 06:12 Pressure Likely in Limited Activity Thursday The strong market pressure midweek is expected to continue during initial market activity Thursday morning. Trade volume is likely to remain at a minimum during the first hour of trade, allowing potential wide price shifts. By Rick Kment DTN Analyst Cattle: Steady Futures: $1 Lower Live Equiv $134.87 -0.60* Hogs: Steady Futures: $1 Lower Lean Equiv $ 85.34 -0.11** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The strong pressure midweek in futures trade has allowed for packer involvement to remain generally absent from the market going into Thursday morning. It is likely that a few token bids may start to develop through the morning, although at this point, active trade may not be seen until sometime Friday. Asking prices are expected to be remain firm at $114 and higher live and $180 and higher dressed, but the support in these asking prices may have a lot to do with early-morning futures activity. Firm follow-through pressure is expected to develop in initial trade early Thursday, although the limited volume could bring in a mix of short-covering, which could keep overall price movements choppy and generally undefined through most of the morning trade.