DTN Early Word Opening Livestock 08/27 05:54

DTN Early Word Opening Livestock 08/27 05:54 Hog Paper Should Open Moderately Lower Expect lean hog contracts to open moderately, checked by residual selling interest and the defensive carcass value. The cattle complex is set to begin with mixed prices tied to follow-through selling on one hand and short covering on the other. By John Harrington DTN Analyst Cattle: Steady Futures: mixed Live Equiv $163.39 + 0.03* Hogs: Steady Futures: 10-30 LR Lean Equiv $ 90.72 - $3.36** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Moving into the tail end of the week, cattle buyers should soon be required to become more serious about procurement chores. Frequency of bids should improve this morning, but don't be surprised if significant trade volume is postposed until sometime Friday. Opening bids are likely to begin around $144 in the South and $228-230 in the North, well below asking prices around $150 in the South and $236-plus in the North. Look for live and feeder futures to open on a mixed basis thanks to a combo of spillover selling and pre-cash short covering.