DTN Early Word Opening Livestock 08/21 06:03

DTN Early Word Opening Livestock 08/21 06:03 Meat Futures Staged for Mixed Late-Week Opening Cattle futures are likely to open moderately higher thanks to follow-through buying and position prior to the release of the August 1 on feed report. Conversely, look for hog paper to begin some lower, pressured by residual selling and eroding pork carcass value. By John Harrington DTN Analyst Cattle: Steady w/Wed Futures: 10-30 HR Live Equiv $164.97 - 0.36* Hogs: Steady to $1 LR Futures: 10-30 LR Lean Equiv $ 92.33 - 0.97** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While cash business across the Northern tier of cattle feeding country appears to be essential done for the week, the South seems to have more work to do before buyers and sellers can call it a week. Opening bids should be around $147-148, considerably below asking prices around $152. The August 1 on feed report will be released this afternoon at 2:00 CDT. Average trade guesses look like this: on feed, up 2-3%; placed in July, up 1%; marketed in July, off 3%. Live and feeder futures are set to open moderately higher, boosted by spillover buying and profit taking prior to the release of the feedlot inventory.