DTN Early Word Opening Livestock 06/13 06:25

DTN Early Word Opening Livestock 06/13 06:25 Livestock Traders Search for Support Thursday Follow-through weakness is expected in the livestock complex Thursday morning with traders searching for short-term support following the most recent market pressure. This is likely to lead to mixed trade early Thursday morning. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $144.32 -0.47* Hogs: Steady to $1 Lower Futures: Mixed Lean Equiv: $ 87.52 -1.25** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Limited cash cattle trade developed Wednesday with prices in the North at $114 live and $186 dressed; a few cattle sold in the South at $113 per cwt. This was not enough activity to establish an accurate trend, although it did start the ball rolling, which may lead to additional market direction and activity as Thursday develops. Packers remain short bought following limited trade last week as they continue to fuel strong procurement schedules through the week. This may increase bids Thursday. Asking prices are likely at $115 and higher live and $186 to $188 dressed. Mixed futures trade is expected with the underlying weaker tone seen at midweek redeveloping. Even though the longer-term trend of the market remains lower, nearby live cattle futures have established a $4 trading range between $103 and $107 per cwt, which could continue through the near future. With very little fundamental or technical direction developing it is possible these recent boundaries may hold.