DTN Early Word Opening Livestock 03/02 06:34

DTN Early Word Opening Livestock 03/02 06:34 Early Support Expected Early Monday Limited market direction developed over the weekend, but the growing underlying support in outside markets is likely to spark renewed buyer support as traders focus on the pressure seen over the last week. By Rick Kment DTN Analyst Cattle: Steady Futures: Higher Live Equiv $136.64 -0.29* Hogs: Steady Futures: Higher Lean Equiv $ 69.00 -0.24** * 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 cattle interest is expected over the next couple of days as showlist distribution and inventory-taking will likely consume most of the activity Monday. After continued pressure last week, the focus is on regaining market support while navigating the short- and long-term impacts of the beef market due to the coronavirus. Even though cash values have not had the aggressive losses that developed in futures trade, the potential move higher in futures early in the week could quickly spark renewed cash market stability through the first week of March. Futures trade is expected mixed to moderately higher. Given the overall uncertainty of the potential impact on the overall economy, it is still unclear how much widespread pressure will develop as traders are concerned of consumer buying habits changing quickly. But the aggressive losses last week that pushed April live cattle futures over $10 per cwt lower last week alone should bring buyers back into the live cattle and feeder complex. Monday slaughter is expected near 121,000 head.