Buyer support is expected to slowly step back into the complex early Thursday following the triple-digit rally that developed midweek. This could help to firm additional commercial interest through the end of the week.
Cattle: Steady to $2 Lower Futures: $1 Higher Live Equiv $148.10 +0.07*
Hogs: Steady to $1 Higher Futures: Mixed Lean Equiv $ 80.00 -1.33**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cash cattle market activity continues to be undeveloped with the bids and asking prices in midweek leaving a wide gap between price levels. It is expected that more interest will develop through the morning, although trade may be delayed until Friday sometime. It is likely that both sides will try to accomplish needed business before late-day Friday as they desire to wrap things up early going into the long holiday weekend.
Futures trade is expected to open steady to $1 higher with follow-through buyer support moving into the complex following the strong midweek rally. But there is concern as to just how much buyer interest there will be and if this will be able to hold prices higher through the morning.