DTN Early Word Opening Livestock 07/29 06:04

DTN Early Word Opening Livestock 07/29 06:04 Early-Week Activity Expected Light Quiet trade is expected to develop Monday morning with limited market activity or direction across the entire livestock complex. Limited but follow-through buying is expected to enter the market during morning trade. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $136.57 -0.37* Hogs: $2 Higher Futures: Higher Lean Equiv: $ 89.30 +0.57** * 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 finally developed late Friday with live prices generally $112 per cwt, $1 lower than the previous week. Dressed trade developed at $183 per cwt, which is steady with the previous week. The overall lack of support in cash markets following the week-long standoff between packers and feeders is expected to be generally bearish to the entire tone of the complex. Weekly cash business Monday is expected to be limited to showlist distribution and inventory taking as both sides try to regroup and evaluate not only weekly direction, but the potential market shifts over the next several weeks and months. Futures trade is expected to remain mixed once again Monday morning with limited direction likely early in the week. The stability in beef values over the last several days is limiting widespread movements in beef values as traders continue to focus on a potential sideways trend developing over the near future.