DTN Early Word Opening Livestock 01/13 06:33

DTN Early Word Opening Livestock 01/13 06:33 Spillover Cash Support Expected During Morning Trade Steady-to-higher cash cattle trade late Friday is expected to create follow-through buyer support through nearby live cattle trade. Hog futures still remain reluctant to show significant market support despite continued focus on growing global demand. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv $140.63 +0.18* Hogs: Steady Futures: Mixed Lean Equiv $ 77.45 -0.29** * 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 Monday is expected to be limited to showlist distribution and inventory-taking through most of the day. Following the ability for feeders to push prices higher at the end of last week, the underlying firm market tone is expected to continue through the upcoming days. Trade in the North was the first to develop Friday with prices at $198 to $200 per cwt, mostly $200, which represented a $1 per cwt gain from the previous week. Southern trade was more delayed and did not develop until mid-to-late afternoon, with prices fully steady at $124 per cwt live basis. Asking prices and bids are not expected until near midweek, which will likely push trade off until late in the week once again. Futures trade is focused on strong but cautious buyer support moving into live cattle and feeder cattle trade late last week. This moved live cattle futures even closer to short-term highs, but the complex continues to hover within a narrow but firm trading range just below long-term resistance levels. The underlying tightness of market-ready cattle supplies and continued demand support in the beef industry is expected to help bring additional support to the entire complex, although overall limited upward movement is likely through the upcoming weeks and months. Monday slaughter runs are expected near 121,000 head.