DTN Early Word Opening Livestock 09/23 06:11

DTN Early Word Opening Livestock 09/23 06:11 Traders Get a Chance to Trade Cattle on Feed Information Cattle on feed numbers remained bullish Friday with feeder cattle placements the largest shift from pre-report estimates. This is expected to create early buyer support across the complex. By Rick Kment DTN Livestock Analyst Cattle: Steady Futures: Higher Live Equiv: $139.38 -0.56* Hogs: Lower Futures: Mixed Lean Equiv: $ 73.92 +0.10** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cash cattle trade bounced higher Friday afternoon with additional trade in the North developing after the Cattle on Feed report posted lower-than-expected numbers. Live cattle prices sold $1 to $2 per cwt higher than the week previous week with dressed cattle sales $5 per cwt higher than the previous week. Early week cash cattle market information is expected to remain sluggish with showlist distribution and inventory taking the main focus early Monday morning. This may limit additional cash market interest until midweek or later and will take the direction of beef values and futures trade over the next couple of days into account in order to secure additional upward momentum. The question still remaining in live cattle and feeder cattle trade is just how much of the cattle placement and overall on-feed reductions have already been factored into the complex through the last half of last week. Initial market support is expected Monday, which may help to spark some underlying support, but the depth of buyer interest and ability to hold these gains through the week remains more uncertain. Cattle slaughter is expected to at 117,000 head Monday.