DTN Early Word Opening Livestock 03/07 06:12

DTN Early Word Opening Livestock 03/07 06:12 Mixed Trading Activity Expected Live cattle futures seem to have stalled after a steady uptrend spanning nearly three weeks. Feeder cattle futures seem to be under similar pressure. Hogs futures continue to hit price resistance as they move sideways. By Robin Schmahl DTN Dairy Analyst Cattle: Steady Futures: Lower Live Equiv: $149.04 +0.48* Hogs: Steady to 50 cents LR Futures: Lower Lean Equiv: $ 67.47 +0.47** * 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 business is doing what it usually does, and that is wait until late in the week before deals are inked. Bids and offers remain mostly $2 apart. The drop in futures since the end of last week could make sellers a bit more willing to take care of business, leaving cash prices mostly steady to a little lower. The inability of the market to rebound so far this week may keep pressure on prices. Supply of cattle is expected to be higher in the second quarter of the year, which may make it difficult to push to new highs.