DTN Early Word Opening Livestock 03/23 06:44

DTN Early Word Opening Livestock 03/23 06:44 Livestock Market Stability Sought as Uncertainty Continues Active late week gains in livestock trade is creating the potential for follow-through buyer support Monday morning. Additional sharp losses in stock futures and weakness in several commodity markets could add renewed price concerns Monday morning. By Rick Kment DTN Analyst Cattle: Steady to Higher Futures: Mixed Live Equiv $164.60 +1.24* Hogs: Higher Futures: Mixed Lean Equiv $ 84.89 +1.10** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Following a week of wide cash price movements that took place as the week progressed, it is expected that cash market activity will remain sluggish early in the week. Overwhelming consumer demand the last two weeks has made it hard for retail locations to keep meat on the shelves, resulting in rising wholesale beef values, and causing a wide spread between wholesale beef prices and futures trade. This is likely to delay most cash bids and offers until later in the week with cattle feeders likely holding out for additional underlying support. The rally in futures prices late last week helped to bring some perspective to a market that seemed only to move lower earlier in the week. But in order to spark renewed interest, follow-through gains are needed over the next couple of days. The Cattle on Feed report released Friday afternoon will likely gain some attention through morning trade. Although the report remained nearly identical to pre-report estimates, the focus on significantly lower cattle placements and higher marketing's from year-ago levels is likely spark some underlying interest if traders are able to break away from outside market shifts. Monday slaughter is expected near 121,000 head.