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Wednesday, February 19, 2020
 
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DTN Early Word Opening Livestock       02/18 06:33
   Mixed Trade Expected Following Long Weekend

   Livestock traders are reentering the market following the three-day weekend
and impressive cattle market gains through the end of last week. This is
expected to bring about a combination of follow-through buyer support and
profit-taking early Tuesday morning.

By Rick Kment
DTN Analyst



Cattle: Steady   Futures: Mixed   Live Equiv $139.61 +1.18*
Hogs:   Steady   Futures: Mixed   Lean Equiv $ 67.67 -0.34**

*  based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Following the moderate cash market pressure last week and long weekend with
futures markets closed Monday, packers and feeders are likely to get back into
the swing of things as they focus on trade later in the week. At this point, it
is unlike there will be any active asking prices Tuesday morning, but they
could start to develop through the end of the day as feedlot managers focus on
taking advantage of the strong futures market rally last week combined with the
bounce in wholesale beef values. There is increased underlying support likely
with the expectation that additional beef demand will continue to grow
seasonally through the upcoming weeks. Packer bids are not likely to develop
until later in the week with active trade expected to be pushed off until the
last half of the week. Futures trade is expected mixed in light-to-moderate
morning trade. With strong market support at the end of last week, additional
bullish support is likely to return to the market, eyeing the oversold cattle
complex in both live and feeder cattle markets. But the sharp rally late last
week will also create a desire for traders to take profits following the $3 per
cwt rally in cattle trade through the end of last week. This may create a wide
mixture of price swings early Tuesday due to limited initial trade volume.
Tuesday slaughter is expected near 121,000 head.
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