DTN Early Word Opening Livestock 12/24 06:26

DTN Early Word Opening Livestock 12/24 06:26 Another Quiet Market Day Expected Other than futures trading Tuesday, and even that is a holiday abbreviated schedule, there is very little movement expected through the livestock market. Being Christmas Eve, with Federal government agencies closed (so no USDA cash market reports released), traders have little incentive to step into the complex ahead of the Christmas break. Expect generally sluggish market volume through the morning. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv $140.49 +1.41* Hogs: Steady Futures: Mixed Lean Equiv $ 81.71 +0.29** * 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 markets still remain dead in the water following a typical Monday of showlist distribution and inventory taking. Although it is expected packers already have the majority of next week's abbreviated processing needs scheduled, the focus on filling delivery slots for early January is going to create some incentive for packers to make use of the Christmas week. Even if light to moderate trade does develop, it is uncertain and generally unlikely that either side will be willing to rush into inking any deals on Christmas Eve, given there are two full days of business and full packer runs at the end of the week. I would expect most packer interest and cattle pricing will be delayed until Thursday or Friday. Futures activity is expected to remain mixed in a narrow trading range Tuesday. With markets only trading through the morning and on an abbreviated holiday schedule, there will be many traders who opt to stay out of the market, further limiting potential price moves. Although the limited expected volume in the complex could add some volatility, as many times futures move in uncharacteristic directions given the lack of activity around the holidays. Tuesday slaughter runs are expected at 65,000 head.