DTN Early Word Opening Livestock 12/19 05:57

DTN Early Word Opening Livestock 12/19 05:57 Firm Cattle Buying Likely Early Wednesday Mixed trade is expected early Wednesday with firm follow-through support expected to develop in cattle trade. Lean hog futures should remain mixed when markets open with a combination of follow-through selling and short-covering stepping into the complex. By Rick Kment DTN Analyst Cattle: Steady Futures: $1 Higher Live Equiv: $140.81 +0.19* Hogs: $1 Lower Futures: Mixed Lean Equiv: $ 76.69 +0.04** * 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 just a few cattle were sold Tuesday in Iowa, the cash cattle market remains essentially at a standstill with bid and asking prices not yet fully defined. Asking prices are expected to be $120 and higher live and $192 dressed. There is increased focus on outside market direction as the sharp losses in energy trade and the stock market through the day Tuesday has created nervousness through all commodity markets. Active cash trade is not expected until late Thursday or sometime Friday, but packer interest may start to increase over the next day or two. Futures trade is expected to firm during early trade, allowing increased buyer activity to pick up where traders left off on Tuesday. This may add some additional underlying support to the entire complex.