DTN Early Word Opening Livestock 02/01 05:50

DTN Early Word Opening Livestock 02/01 05:50 Market Volatility Possible Friday Sharp end of the month losses quickly pushed prices lower in all livestock markets Thursday afternoon. This is expected to lead to a combination of follow-through selling and short-covering through the end of the week. By Rick Kment DTN Analyst Cattle: Steady Futures: Lower Live Equiv: $144.02 -1.04* Hogs: Steady to $1 Lower Futures: Lower Lean Equiv: $ 72.59 +1.08** * 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 made it to Friday with no sense of direction or market activity. Packers are expected to be offering bids through the day, but don't expect early bids to be anything to gain the attention of feeders. The sharp pullback in futures trade Thursday may be what packers need to shake loose cattle from higher asking prices. It is likely that trade will not develop until well into the day. Futures are expected to start lower, as traders enter the market Friday. With a new month on the books, the focus on short-covering is expected to get the attention of most traders. Some additional buyer support is likely to move into the market ahead of the weekend, leaving prices generally unsettled through most of the session.