DTN Early Word Opening Livestock 01/08 05:53

DTN Early Word Opening Livestock 01/08 05:53 Follow-Through Buying Likely Strong early-week support in cattle trade is expected to redevelop early Tuesday, allowing follow-through buying to develop in live cattle futures. Hog markets are expected mixed due to limited initial trade volume. By Rick Kment DTN Analyst Cattle: Steady Futures: 50 cents Higher Live Equiv: $142.36 +0.05* Hogs: $1 Higher Futures: Mixed Lean Equiv: $ 75.20 +0.86** * 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 markets remain undeveloped early Tuesday morning, and are likely to stay silent for the next day or so. This may allow for some midweek bids to trickle into the market, although at this point, trade activity is not expected until late in the week. The bounce back in futures prices Monday will allow both packers and feeders to focus on market direction, which should keep prices steady to firm in the first full week of January. Early futures trade is expected to remain sluggish as spillover buying will likely attempt to establish a firming trend Tuesday. Limited volume through the first couple of hours is likely to keep gains to a minimum.