DTN Early Word Opening Livestock 08/25 05:40

DTN Early Word Opening Livestock 08/25 05:40 Hog Paper Should Open Moderately Higher Lean hog futures should open moderately higher, support by follow-through buying and solid packer margins. If the Shanghai market suggests greater stability on Wall Street this morning, the cattle seems ripe so some kind of corrective bounce. By John Harrington DTN Analyst Cattle: Steady Futures: 10-30 HR Live Equiv $163.63 - 0.57* Hogs: Steady Futures: 10-30 HR Lean Equiv $ 92.94 + 0.37** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: These are days when the only honest market call begins with "it depends." If global economic water start to calm, cattle market psychology should be ripe for some kind of recovery. But we'll just need to wait for the jury to come in. On the other hand, regardless whether outside markets are thumbs up or thumbs down, the cash cattle mark e is not likely to be tested until later this week with bids and asking prices staying poorly defined. A few showlists may be priced around $150 in the South and $236-238 plus in the North. Live and feeder futures could open at least moderately higher if outside markets essentially mind their own business.