Osnabrock Farmers Elevator Logo   Osnabrock Farmers Elevator January 22, 2019
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DTN Early Word Opening Livestock       01/22 06:00
   Mixed Trade Expected Early

   Follow-through buyer support is expected to quickly step back into the
market following the long holiday weekend. This will likely be met by some
position-taking as traders try to adjust longer-term trends through the end of
the month.

By Rick Kment
DTN Analyst



Cattle: Steady   Futures: Mixed   Live Equiv: $142.30 +0.72*
Hogs:   Steady   Futures: Mixed   Lean Equiv: $ 74.55 -0.13**

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

GENERAL COMMENTS:

   Cash cattle markets will remain at a standstill through the day Tuesday with
limited interest shown Monday due to the Martin Luther King Jr. holiday, which
kept markets closed. Continued focus on showlist distribution and inventory
taking will be seen, although bids and asking prices are expected to remain
nonexistent for the next couple of weeks. Following steady trade levels with
light to moderate activity late last week, the focus on market stability and
outside market direction will play a significant role in the development of
cash market trade, which is likely to be pushed off until Thursday or Friday.
Futures trade is expected to remain mixed in light activity with limited
interest seen through the complex. This could add some additional volatility to
the market following shifts seen late last week. Traders are also focusing on
the potential of increased beef value support, which may bring additional
underlying support to the still firm live cattle trade.
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