DTN Early Word Opening Livestock 06/10 06:08

DTN Early Word Opening Livestock 06/10 06:08 Wide Price Swings Possible Monday Expanded trading limits will be available Monday morning in lean hog futures following limit losses late Friday. Late-week trade concerns surrounding a Mexican deal may lead to market optimism after a decision was reached late Friday night. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $144.43 -0.02* Hogs: Steady to $1 Lower Futures: Mixed Lean Equiv: $ 88.09 -0.20** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Strong triple-digit losses in live cattle and feeder cattle futures Friday is adding increased concern to the complex Monday morning. Although short-term support remains intact at this point, the move lower late last week is creating concerns that follow-through pressure may develop in the middle of June, testing contract lows. Beef values have remained generally static with limited movement last week. Feeder cattle trade Friday led the entire complex lower with $2 per cwt losses across the market as traders remain concerned about follow-through pressure developing early in the week. The announcement that U.S. and Mexico reached a deal on immigration to avoid the impending tariffs will likely add light-to-moderate support Monday as a portion of Friday's pressure was based on the fear a deal wouldn't be made. Cash cattle trade is expected to remain sluggish Monday with bids and asking prices undeveloped and likely not to become extremely active until later in the week.