DTN Early Word Opening Livestock 09/03 06:14

DTN Early Word Opening Livestock 09/03 06:14 Hog Futures Likely to Open on a Firm Basis Supported by bullish momentum and technical buying, lean hog futures seem ready to open moderately higher. The cattle complex is likely to begin on a mixed basis as traders position ahead the development of late week cash trade. By John Harrington DTN Analyst Cattle: Cash Steady-$2 LR Futures Mixed Live Equiv $161.20 - 0.54* Hogs: Cash Steady-$1 LR Futures 10-30 HR Lean Equiv $90.76 -0.23** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: A few discountable pens were sold in the Northern tier of feedlot country Wednesday (i.e., $222 to $225, $2 to $5 lower than weighted averages scored last week), but for the most part the week's offering still remains untouched. Cattle buyers would probably like to complete procurement chores today and then step into a long holiday weekend. That may require they move closer to asking prices of $146 to $148 in the South and $228-plus in the North. Of course, stalling until Friday is clearly a possibility. Live and feeder futures should open on a mixed basis thanks to spillover buying on one hand and profit-taking on the other.