DTN Early Word Opening Livestock 04/13 06:23

DTN Early Word Opening Livestock 04/13 06:23 Uncertainty Remains as Traders Return to Work There is growing uncertainty early Monday morning as traders return from the long holiday weekend. Following late-week position adjustments, traders are faced with concerns of reduced packer activity during the week due to increased virus cases. By Rick Kment DTN Analyst Cattle: Steady to Lower Futures: Mixed Live Equiv $145.13 +0.67* Hogs: Steady Futures: Mixed Lean Equiv $ 57.81 +1.82** * 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 most of the day Thursday. Following what is expected to be another light cash cattle trading week last week, there is growing uncertainty of the ability to follow the recent shift higher in futures trade. Additional concerns of COVID-19 cases as individual plants around the country as well as reduced absenteeism at these plants is causing growing concern about being able to move market-ready cattle during the next couple of weeks. Given the continued pressure in overall restaurant and food service demand, overall movement of beef is expected to remain weak, causing a buildup of most beef products through the entire system. The strong pullback in cutout values last week is sparking growing concern that additional market weakness is still ahead as the country remains generally shutdown due to virus infections with a firm ending date still unknown. Futures trade is expected mixed. Easter Monday traditionally remains a lightly traded day, and this year is not expected to be any different despite the uncertainty through the market. Cattle futures quickly bounced well above long-term support levels last week, but the overall uncertainty of short-term demand and continued economic concerns may limit follow-through market gains over the near future. Monday slaughter is expected at 86,000 head.