DTN Early Word Opening Livestock 05/29 06:29

DTN Early Word Opening Livestock 05/29 06:29 Follow-Through Pressure Expected Moderate to firm weakness is expected to redevelop in feeder cattle and lean hog trade. Market pressure seen early in the week is causing long-term concerns of additional market pressure developing over the next few weeks. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv $145.75 +1.13* Hogs: Steady to $1 Lower Futures: Lower Lean Equiv $90.97 +2.69** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Limited cash trade interest is expected early Wednesday morning following the holiday Monday delaying the schedule from both packers and feedyard managers. Bids and asking prices are still unavailable but likely to see some additional interest through the midweek trading day. The support in boxed beef values and stability in futures trade should give more momentum to asking prices steady to higher with feeders looking for steady money by the end of the week. With the trend over the last few weeks moving to Wednesday trade in the South, it is likely that an emphasis on getting at least some deals done before the end of the day will be seen, But it is uncertain if that will happen due to the holiday-shortened week. Futures trade is expected mixed with additional pressure likely to develop in feeder cattle trade based on continued support in corn markets. Sharp double-digit gains are seen in corn and soybean markets in overnight trade following another bullish crop progress report where planting progress is falling further behind. Corn planting is at the slowest pace in at least 39 years with only 58% of corn planted as of last week. This will continue to reshape the direction of cattle markets due to feed costs becoming even more uncertain.