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Friday, February 23, 2018  
 
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DTN Early Word Opening Livestock       02/22 05:27
   Cattle Pressure Expected to Continue

   The strong market selloff seen in cattle trade midweek is expected to create
additional weakness through the complex early Thursday morning. Although there
is likely to be an attempt to cover short positions during initial trade due to
the increased market volatility.

By Rick Kment
DTN Analyst



Cattle: Steady to $2 Lower   Futures: $1 Lower   Live Equiv $145.86 +1.02*
Hogs:   Steady to $1 Lower   Futures: Mixed      Lean Equiv $ 83.81 -0.99**

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

GENERAL COMMENTS:

   The strong market shift lower Wednesday is expected to draw additional
selling activity back into the complex Thursday morning. With cattle markets
holding triple-digit losses through most of the midweek session in nearly all
contract months, the focus on additional volatility being added to the market
is leaving trade weak. Nearby contracts have quickly pulled away from recent
2018 highs. At this point, there is little danger of breaking through
short-term support levels as April futures would need to fall another $3 per
cwt before additional concerns would develop. But the concern of not being able
to hold previous market gains may add even more market uncertainty. Cash cattle
markets remain weak with limited activity in the complex. Light trade developed
at $128 per cwt on a live basis, which is $2 per cwt lower than last week. This
may bring additional packer interest to the market although initial interest is
expected to remain sluggish Thursday morning.
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