DTN Early Word Opening Livestock 03/08 06:24

DTN Early Word Opening Livestock 03/08 06:24 Follow-Through Buying Expected Early The cattle market should start the day with follow-through buying as more short-covering takes place. However, that will temper as traders positions themselves for the Cattle on Feed report. By Robin Schmahl DTN Dairy Analyst Cattle: Steady Futures: Higher Live Equiv: $149.50 +0.47* Hogs: Steady to 50 cents LR Futures: Mixed Lean Equiv: $ 68.66 +1.19** * 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 took place Thursday, but activity was light at $128 in the South, steady with last week. Northern activity was light also with steady prices reported. The rebound of futures did not have any impact on cash buyers as most bids remained $128 or lower in the South and $205 in the North. There should be a flurry of cash activity Friday as it is near the end of the week, and buyers need to purchase to fill slaughter needs. January beef supply in cold storage was 510.1 million pounds, up 8.4 million pounds from January 2018 and up 14.5 million pounds from December 2018. This may keep a lid on price potential. However, the Cattle on Feed report to be released Friday afternoon may keep trading activity in check.