DTN Early Word Opening Livestock 05/30 06:35

DTN Early Word Opening Livestock 05/30 06:35 Cattle Futures Expected Mixed on Further Grain Moves Limited direction is expected to redevelop Thursday morning with follow-through buyer interest moving back into lean hog trade while cattle futures are expected mixed to mostly higher during early trade. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $145.70 -0.03* Hogs: Steady to $1 Lower Futures: Higher Lean Equiv: $ 89.49 -1.48** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light cash cattle trade developed in the South Wednesday afternoon at $115 per cwt. This is generally steady with last week's weighted average, and likely enough business in these areas to set the tone for the rest of the week without a major disruption in futures trade. Business in the North is undeveloped, but may soon follow with bids expected to redevelop at $115 or higher live and $185 dressed. Asking prices on cattle left on showlists remain at $117 to $118 live and $188 and higher dressed. It is uncertain if active trade will develop Thursday, or if the back and forth will continue until sometime Friday as typically seen in the North. Futures trade is expected mixed with traders still concerned about the lack of pressure early in the week, especially in feeder cattle. Traders will closely follow the direction of the corn and soybean market due to wet weather and lack of planting progress in many areas of the country. This is expected to have a dramatic impact not only on feed prices, but on the overall availability of feed at the end of the year.