DTN Early Word Opening Livestock 09/10 06:29

DTN Early Word Opening Livestock 09/10 06:29 Mixed Trade Likely Monday Limited hog market support late last week is likely to allow limited trade in futures early on Monday. Traders are expected to remain on the sidelines in all markets during early trade. By Rick Kment DTN Analyst Cattle: Mixed Futures: Steady Live Equiv: $137.06 -0.94* Hogs: Mixed Futures: $1 Higher Lean Equiv: $ 73.51 +0.81** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light-to-moderate trade developed in all areas late last week with prices steady to firm from the previous week. This movement should limit the need for packers to step back into the market early in the week and gain access to cattle to fill short-term procurement levels. But packers are still expected to remain short-bought, which seems to be a generally normal position for them most weeks. The cash market focus is expected to be placed on inventory-taking and showlist distribution with most trade likely by midweek or later. Futures activity is likely to remain mixed with follow-through support from Friday likely to be reestablished, although the tone of the market is sluggish, which could allow for moderate pressure in several contract months through the morning Monday.