DTN Early Word Opening Livestock 02/04 05:53

DTN Early Word Opening Livestock 02/04 05:53 Early Mixed Trade Expected Monday Limited trade activity is likely most of the morning Monday as traders attempt to build support levels across lean hog futures. Trade volume is expected sluggish through most of the morning. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $143.66 -0.36* Hogs: Steady to $1 Lower Futures: Higher Lean Equiv: $ 71.53 -1.06** * 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 activity is returning to early-week sluggishness with showlist distribution and inventory-taking the main focus through the morning. Packers are moving into the first full week of February short bought once again, but this has become a constant pattern the last few weeks. The firmness in cash markets last week will create additional bullish expectations for feedlot managers, although trade is likely to once again be delayed until the last half of the week. Futures trade is expected to remain mixed to mostly higher during initial trade as the focus on last week's market correction may help to spark some renewed market support as traders try to establish a trading range within these current price levels.