DTN Early Word Opening Livestock 04/09 06:23

DTN Early Word Opening Livestock 04/09 06:23 Limited Hog Support Expected Underlying firmness is expected to redevelop in lean hog trade early Tuesday morning following early-week position-taking and adjustment from previous gains. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $151.22 +0.84* Hogs: $1 Higher Futures: Higher Lean Equiv: $ 88.11 +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: Firmness in cattle futures late Monday is expected to provide additional underlying support in the live cattle and feeder cattle complex this week. Even though prices are expected to remain rangebound for the near future, growing support based on firming beef values and the ability to stimulate seasonal demand is likely to breathe additional life back into the complex. This may add some increased underlying support through April. Trade volume is likely to remain sluggish as a combination of follow-through buying and position-taking may still develop in morning trade as the focus moves to building on recent support levels set last week. Cash cattle trade is expected to remain sluggish with bids and asking prices still undeveloped until midweek or later. This could add some additional underlying uncertainty given the steady-to-lower shifts in the last couple of weeks, despite light-to-moderate trade taking place. Even though Wednesday trade developed the past two weeks, most activity is likely to be pushed to the end of the week, moving back to a more typical cash trade pattern.