DTN Early Word Opening Livestock 04/18 06:21

DTN Early Word Opening Livestock 04/18 06:21 End of the Week Adjustments Expected Thursday trade is expected to be limited ahead of the three-day weekend. Traders are looking for additional long-term direction in hog futures, focusing on results from Thursday's Export Sales report. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $152.64 +0.02* Hogs: Steady Futures: Mixed Lean Equiv: $ 91.86 -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 cattle trade is expected to continue to develop Thursday with both sides apparently desiring to wrap up business before Good Friday. Light-to-moderate trade that developed in the South on Thursday, may have moved enough cattle for the week in Texas and Kansas. These sales developed at $126 per cwt, which is $2 per cwt higher than last week. Trade in the North has yet to develop, but the firming tone is causing stronger asking prices of $128 to $130 live and $208 and higher dressed. The expectation is that cash cattle prices will be higher in all areas by the end of the week. Futures trade is expected to be mixed with additional narrow trading shifts likely Thursday morning. The release of the March 1 Cattle on Feed report Thursday afternoon could add some additional pre-report positioning into the complex. Although the report is not expected to deliver any huge surprises or revelations, the general tone of light-to-moderate supply growth and reduced marketing during the month of March is likely. Most of these expectations have already been factored into the complex, and may not bring about any significant price shifts Thursday.