Light-to-moderate price pressure is expected to slowly develop through live cattle and feeder cattle trade with traders focusing on Fridays, Cattle on Feed report.
Cattle: Steady Futures: $1 Lower Live Equiv: $135.61 +0.07*
Hogs: $1 Higher Futures: Mixed Lean Equiv: $ 84.18 +0.23**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Sluggish market direction is expected through the early hours of trade Monday as traders return to the market following the weekend break. The lack of underlying support in last week’s Cattle on Feed report is likely to limit buyer support and put additional pressure on cattle trade.
The generally steady cash cattle trade last week that developed late in the week seemed to focus on additional market uncertainty through the complex, wondering if prices will be able to break out of the recent back and forth shifts last week following the move higher in early September. Cash cattle markets will focus on showlist distribution and inventory taking with active bids and offers not expected until midweek or later.