DTN Early Word Opening Livestock 04/10 06:33

DTN Early Word Opening Livestock 04/10 06:33 Continued Hog Pressure Expected Sharp losses on Tuesday in most hog futures could bring additional weakness in midweek trade. Expanded trade limits have been enacted, allowing for lean hog futures to swing $4.50 per cwt through the Wednesday session. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv $150.52 -0.70* Hogs: Steady Futures: Lower Lean Equiv $ 87.93 -0.18** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Sluggish movement in live cattle trade is expected to continue with traders closely focusing on outside market direction through midweek as well as growing volatility in lean hog markets. Initial mixed trade is likely to develop in live cattle and feeder cattle trade with the entire complex remaining comfortable within the moderate sideways trend of the last several weeks. After prices were able to hold support values last week, light-to-moderate buying activity in nearby contracts is slowly redeveloping. This could provide additional underlying support in fundamentals with traders closely monitoring the direction of beef cutout values as well as cash market direction. Cash trade is expected to remain sluggish with increased bids and asking prices developing through the day. Although another round of Wednesday trade is possible, most cash market activity is likely going to be pushed to the end of the week.