DTN Early Word Opening Livestock 01/03 05:54

DTN Early Word Opening Livestock 01/03 05:54 Lean Hog Market Support Likely to Redevelop Follow-through buyer support is expected to slowly trickle into lean hog futures trade Thursday morning, focusing on the ability to bring about additional market volume during early January. By Rick Kment DTN Analyst Cattle: Steady Futures: $1 Higher Live Equiv: $143.91 +0.55* Hogs: $1 Lower Futures: Mixed Lean Equiv: $ 74.77 -0.15** * 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 remains undeveloped early Thursday morning with feeders still looking for the first bids of the week. Asking prices remain hard to pin down due to the holiday limiting overall market activity. A few showlists have been priced at $125 per cwt in the South, although interest from feedlot managers will need to improve Thursday. It is likely that packers will show the first signs of interest Thursday also, although trade is unlikely to develop until sometime Friday. Futures trade is expected mixed to mostly lower, with traders closely focusing on outside market direction. The pressure in feeder cattle markets midweek has created some market pressure during early January, which could lead to additional market shifts.