DTN Early Word Opening Livestock 02/19 10:48

DTN Early Word Opening Livestock 02/19 10:48 Limited Volume Focusing on Mixed Price Direction Traders moving back into the complex following the long holiday weekend will add some uncertainty to the market after price shifts late last week. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $144.93 +0.71* Hogs: Steady to $1 Lower Futures: Mixed Lean Equiv: $ 66.03 -1.45** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cash cattle activity last week developed late Friday afternoon, going into the evening, with prices steady with the week before. Live trade developed at $125 per cwt in the South while dressed trade in the North was seen at $199 to $200, mostly at $200, again fully steady with the previous week. Both sides started over again Monday with showlists mixed, although bids and asking prices are yet to develop, and will not likely develop until midweek or later. Futures are expected to remain mixed in limited trade. The sharp pressure in feeder cattle trade late last week will be watched in morning trade as traders are expected to be focusing just as much or more on outside market direction than any development in beef fundamentals.