DTN Early Word Opening Livestock 08/07 05:52

DTN Early Word Opening Livestock 08/07 05:52 Livestock Trade Searches for Stability Underlying trade and economic concerns continue to create weakness through livestock trade. This may spark some additional follow-through pressure Wednesday morning in cattle and hog futures. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $139.08 +0.65* Hogs: Lower Futures: Mixed Lean Equiv: $ 93.59 +0.60** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Negotiated cash cattle trade is slow to develop through the week with just a few deals reported in the North at $180 to $185 per cwt. The limited activity is not enough to establish a good market trend, although increased interest is expected as the week continues. Packer interest is likely to improve through the morning, but it may continue to show limited market movement until Thursday or Friday in most areas. Futures trade is expected to be mixed early Wednesday morning with a combination of follow-through selling and short-covering moving into the complex, although initial volume should remain subdued through most of the morning. This could add increased underlying stability if buyers are able to establish a strong market hold over the next couple of days. Outside market direction will continue to be a major driver of price direction in live cattle and feeder cattle trade during the rest of the week.