DTN Early Word Opening Livestock 03/25 06:07
Limited Volume Likely Monday Morning
Little market activity is expected through most of the morning Monday with
trades reassessing overall market direction following the recent swift price
shifts that developed late last week.
By Rick Kment
DTN Analyst
Cattle: Steady Futures: Mixed Live Equiv $150.79 -0.02*
Hogs: $2 Higher Futures: Mixed Lean Equiv $ 82.29 +1.58**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
GENERAL COMMENTS:
Early cattle trade is expected to be mixed to moderately lower with traders
having the weekend to assess Friday's Cattle on Feed report. Feeder cattle
trade is expected to be the most focused on the market following total
placements through the month of February at 102%. This is a 6% jump from
pre-report estimates and is expected to be viewed generally bearish through the
overall complex. Cattle on feed numbers came in at 101% year-ago levels, still
1% over estimates. This is not expected to create a significant long-term shift
in overall supply levels but could quickly cool the buyer support recently in
feeder cattle trade the last couple of weeks. Cash cattle trade is expected to
remain unchanged with limited interest Monday following the firming cash cattle
price late last week. Showlist distribution and inventory taking is expected to
be the main focus through the cash markets early in the week.
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