DTN Early Word Opening Livestock 09/07 06:21

DTN Early Word Opening Livestock 09/07 06:21 Continued Hog Gains Expected Traders continue to focus on limit gains in front-month October lean hog futures Thursday as end-of-the-week buying is expected to continue. The overall support through the hog market continues to spark some return interest to the complex. By Rick Kment DTN Analyst Cattle: Steady Futures: Steady Live Equiv $138.00 -1.41* Hogs: Steady to $1 Higher Futures: $1 Higher Lean Equiv $ 72.70 -0.18** * 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 has once again been delayed until the end of the week with packers and feedlot managers managing to hold out until Friday. Bids should increase through the day because packers need access to cattle for deliveries through the next couple of weeks, but the lackluster interest in futures trade, and pullback in beef values late in the week, will make it difficult to argue a case for firming market trends. Feedlots are unwilling to erode price levels further as this point, although getting cattle out of lots in the event of further market erosion has caused some longer-term concern. Bids are expected to redevelop from $105 to $107 live, and $170 dressed early Friday, but asking prices remain $4 to $6 per cwt above these levels.