DTN Early Word Opening Livestock 04/08 06:32

DTN Early Word Opening Livestock 04/08 06:32 Continued Buying Expected in Hog Futures Momentum concerning potential long-term demand for pork in China continues to fuel buying activity through the pork complex. Traders are expected to remain optimistic early Monday morning with follow-through buying likely. By Rick Kment DTN Analyst Cattle: Steady Lower Futures: Mixed Live Equiv: $150.38 +0.56* Hogs: $1 Higher Futures: Higher Lean Equiv: $ 86.66 -0.14** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Limited activity is expected early Monday morning in the entire cattle complex. Traders are expected to return to the futures complex following wild triple-digit moves in each direction last week. The underlying firmness will continue with traders focusing on potential long-term support in beef demand and the potential for longer term interest. But Friday's pullback, which pushed April futures $1.50 per cwt lower, was a quick reminder that the move higher will not likely be a smooth one. Most of the shift lower Friday was based on profit-taking in nearby contracts, while feeder cattle futures closed narrowly mixed in a narrow range. The underlying pressure Friday continues to add uncertainty, although a firming tone is expected early in the week, which could lead to additional longer-term support. Cash cattle trade is expected to remain subdued with inventory taking and showlist distribution the extent of the market activity in the entire complex.