DTN Early Word Opening Livestock 06/07 06:09

DTN Early Word Opening Livestock 06/07 06:09 Limited Volume Expected Friday Trade is expected to be mixed in a narrow range on Friday as traders focus on cash market direction and whether cattle and hog futures will regain footing Thursday after widespread early pressure. Limited trade is likely as traders square positions for the weekend. By Rick Kment DTN Analyst Cattle: Lower Futures: Mixed Live Equiv: $144.45 +0.03* Hogs: Steady to $1 Lower Futures: Mixed Lean Equiv: $ 88.29 +0.29** * 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 has continued to trickle in this week with trade actually starting Monday afternoon, and may continue through Friday. At this point, most if not all of the trade in the South appears to be finished, but there is likely to be some additional trade developing in the North before the day is over. Even though trade may still develop in some areas, prices are likely to be set unless there is a major shake-up in futures trade or beef values. Cash prices in the South have ranged from $112 to $114 per cwt, mostly $113 per cwt and $2 to $3 per cwt lower than last week. Dressed business in the North is mostly $183 per cwt. Futures trade is expected to be mixed in limited trade following the late rebound on Thursday. Traders will continue to follow the trade issues in China and Mexico, as this could bring some late-week adjustments if any announcements are made ahead of the weekend.