DTN Early Word Opening Livestock 08/30 06:22

DTN Early Word Opening Livestock 08/30 06:22 Mixed Trade Expected Cash cattle trading is expected to step up Friday, but the volume of trade may be limited by the extended weekend and limited packer interest. Futures continue to build a base, but lower cash prices hold back the ability to steep losses earlier in the month. Hogs continue to show significant volatility and have increased substantially so far this week. By Robin Schmahl DTN Dairy Analyst Cattle: 3 to 5 Lower Futures: Mixed Live Equiv: $150.57 -0.05* Hogs: Steady to 2 Lower Futures: Higher Lean Equiv: $ 76.38 -0.45** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: There was some limited cash activity in the North Thursday, unfortunately trading was $3 to $5 lower than last week. The holiday weekend has some influence on the aggressiveness of packers as the need to purchase may not be as urgent as usual. Packer bids are holding at $105 with asking prices at $107 to $108 in the South with bids and $170 to $172 and asking prices at $178 to $180 in the North. Lower cash trade is making it difficult for futures to break out of the range of the past three weeks. Huge chart gaps loom above the market that likely will be filled at some point, but underlying cash needs to provide solid support. Friday is the last trading day for the August contract with the October taking over as the front month next week.