DTN Early Word Opening Livestock 03/04 05:54

DTN Early Word Opening Livestock 03/04 05:54 Cash Support Fuels Expected Cattle Gains Moderate-to-strong support in cash cattle prices and wholesale beef values last week is firming the underlying tone in the cattle trade. Hog markets are expected mixed as fundamental support remains uncertain. By Rick Kment DTN Analyst Cattle: Steady Futures: Higher Live Equiv: $147.26 +0.89* Hogs: Steady to $1 Lower Futures: Mixed Lean Equiv: $ 66.33 +1.39** * 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 markets are expected to be quiet through the morning with packers and feeders assessing last week's higher trade. With prices moving to $128 live and $205 dressed, a $2 to $3 per cwt gain over the previous week, the expectations are strong going into the week. Showlist distribution and inventory should keep both sides busy through most of the day with bids and asking prices not expected to develop until midweek. Futures trade is expected to remain mixed as traders continue to focus on nearby price levels near long-term resistance levels, but the ability to move above these levels has been elusive so far. Light early trade is expected through the morning as traders test the potential to run markets higher once again early in the week based on recent cash and wholesale beef values.