DTN Early Word Opening Livestock 03/13 06:31

DTN Early Word Opening Livestock 03/13 06:31 Is Market Liquidation Over? Friday the 13th May Provide Answers It seems only fitting that this nightmare of a week ends on Friday the 13th. Firm overnight support in stock market futures and most outside markets appear to point to potential end of the week gains following significant market losses the last two weeks. By Rick Kment DTN Analyst Cattle: Steady to Lower Futures: Higher Live Equiv $136.79 -0.22* Hogs: Higher Futures: Mixed Lean Equiv $ 74.04 +0.37** * 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 activity is expected to remain quiet Friday following the bulk of trade developing midweek. Even though there may be some clean-up trade trickling into the market through the end of the day, a major buying move back into the market is unlikely. The limited light trade that was seen Thursday was even lower than midweek levels. It is hard to pinpoint a market direction until more total numbers of cattle sold is seen, and what prices are negotiated. Cash prices through the week seem to range anywhere between $105 and $110 live and $170 to $175 dressed. These would be anywhere from $3 to $11 per cwt lower than last week's prices. Firm gains developing Friday morning in Dow Jones futures and moderate buying in most overnight commodity trade points to the expectation that traders feel the current plummet in the market may be adequate for now, but there still remains more uncertainty looming over all markets. At this time, cattle futures and all livestock markets are riding the "market bus" lower with as financial markets continue to be in charge of the steering wheel. Limit losses are seen in all feeder cattle trade and all nearby live cattle futures, which will enact expanded trading limits. The continued move pushing June through October futures below $100 per cwt indicates that severity of the recent market pressure due to aggressive widespread liquidation in the complex. Friday slaughter is expected near 118,000 head.