DTN Early Word Opening Livestock 02/13 06:13

DTN Early Word Opening Livestock 02/13 06:13 Early Hog Gains Expected Firm underlying support is expected Wednesday morning in lean hog trade. The move off of long-term lows has sparked widespread market support. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv $144.78 -0.10* Hogs: Steady to ___FCKpd___0.50 Lower Futures: Higher Lean Equiv $69.72 -0.24** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Interest in cash cattle activity is expected to slowly develop through the day, although bids and asking prices are likely to remain sluggish through most of the morning. Feeders have not shown their hand as of yet, which is expected to point to higher asking prices given recent cash market support and recent futures market gains. Active trade is likely to be pushed off until Thursday or Friday, as bids and asking prices will likely be wide apart most of the day Wednesday. Futures trade is expected mixed following the limited direction seen Tuesday. Traders remain focused on underlying market support, but with prices hovering at the top end of the trading range, a moderate market correction would not be out of line. This may bring some uncertainty over the near future in live cattle and feeder cattle markets.