DTN Early Word Opening Livestock 02/07 05:51

DTN Early Word Opening Livestock 02/07 05:51 Pressure Likely During Morning Trade Follow-through price pressure is likely to develop in livestock trade as traders enter the market Thursday. Limited volume is expected through most of the session, allowing for unsettled market direction. By Rick Kment DTN Analyst Cattle: Steady Futures: Lower Live Equiv: $144.74 -0.32* Hogs: Steady to $1 Lower Futures: Lower Lean Equiv: $ 70.76 -1.90** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Packer interest is expected to develop through the day with bids becoming more available as the day continues. Even with more bids, the wide gap between previous bids and asking prices is unlikely to gain much attention. Packers have gone into the week short-bought once again, but trade may easily be delayed until sometime Friday. Live cattle futures are expected mixed to mostly lower in initial trade as the limited pressure developing midweek is causing some additional weakness through the entire complex. Contracts remain well entrenched in the narrow but well defined trading range seen in the last two weeks. This is likely to keep markets contained for the near future, unless additional market shifts develop.