DTN Early Word Opening Livestock 07/24 06:08

DTN Early Word Opening Livestock 07/24 06:08 Continued Hog Market Gains Expected Follow-through support is expected in most livestock trade Wednesday morning. The aggressive near-limit gains in hog futures is setting the stage for increased buyer interest in the near future. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $137.50 +0.21* Hogs: $1 Higher Futures: Higher Lean Equiv: $ 85.45 -0.01** * 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 morning interest is expected in cash cattle trade with bids and asking prices likely to develop through the day. Any early bids are expected to be token bids, just to put a foot on base and start the process, rather than actively gaining the attention of feeders at this point. It is likely that increased interest will develop through the day, which may spark some late-day trade, especially in the South. There is additional uncertainty surrounding the lack of aggressive support in boxed beef values during the week, which will limit the overall support in cash markets through the end of the month. Futures trade is expected mixed to mostly higher. The steady-to-firm buyer support last week in live cattle trade has been countered by choppy and wide-moving shifts in feeder cattle. The lack of consistency and focus on grain trade will once again limit early-morning volume in all cattle markets.