KANSAS CITY (Dow Jones)--Chicago Mercantile Exchange lean hog futures Monday are expected to open mostly flat to slightly firm.

Cattle markets were seen to be narowly mixed and seeking direction.

Some analysts and brokers said the market may rebound a bit following the U.S. Department of Agriculture's quarterly hogs and pigs report Friday afternoon. The report was considered generally neutral overall, but some analysts said the market may have built in a more bearish outlook, so there could be a modest rally initially. USDA reported the all hogs and pigs figure for Sept. 1 at 98% of a year ago, the kept for breeding figure at 97% and kept for marketing at 98%. All were near their respective averages of analysts' estimates.

Others, however, said if futures prices do rally, it could lead to additional hedge selling by producers and profit-taking, or selling of positions purchased earlier, by other traders.

USDA reported the pork cutout value on Friday up $1.12 per hundredweight at $54.75. For the week, however, the cutout was down $2.04.

The cash hog markets are expected to begin the week steady to softer amid reports that most plants have large supplies on hand and booked for much of the week.

Last week's slaughter was estimated at 2.346 million, unchanged from a year ago. Some analysts and livestock dealers predict that this week's slaughter may be even larger based on the number of loads already booked and additional hogs expected to be offered for sale throughout the week. Slaughter this week last year was slightly under 2.327 million.

Pork belly futures are called generally flat on the open then may then take direction from lean hogs.

Cattle Complex

Live cattle and feeder cattle futures prices Monday were expected to open narrowly mixed while looking for direction from outside markets.

"All commodity markets have a good case of the Mondays," said one analyst/broker.

Cattle have a good chance of opening higher if the stock market continues to hold early gains in electronic trading, the broker/analyst said. Higher prices, however, could be met with selling pressure since some traders see futures as being too high in relation to cash markets anyway.

Some traders in the country said they thought futures prices could work lower just to get into better alignment with where cash prices were trading. Cattle weights are up sharply, and there are reports that the percentage of overly fat cattle in the slaughter mix also is up.

That could limit packer demand and keep a lid on cash markets, pressuring the futures, traders said.

(To access the daily livestock market data recap report, keyword search for "Livestock Market Fundamental Data Recap.")

-By Lester Aldrich, Dow Jones Newswires; 913-322-5179 lester.aldrich@dowjones.com