DTN Early Word Opening Livestock 09/04 06:04

DTN Early Word Opening Livestock 09/04 06:04 Cattle Futures Likely to Open on Firm Basis Look for live and feeder contracts to open moderately higher, supported by follow-through buying and late-week short covering. Yet expect lean hog futures to begin with mixed prices tied to both residual selling and pre-holiday short covering. By John Harrington DTN Analyst Cattle: Steady to $2 LR Futures: 10-30 HR Live Equiv $161.06 - 0.14* Hogs: Steady to $1 LR Futures: mixed Lean Equiv $ 90.07 - 0.69** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: With light to moderate trade volume generated in Nebraska and Iowa yesterday, area packers may be done for the week, ready for holiday picnics and golf. Most dressed deals were marked around $222, $5-6 below last week's weighted average basis Nebraska. Yet the South remains untested and we assume that buyers will have to make something happen today before calling it a week. Look for opening bids of $144, $4-6 below most asking prices. Cattle futures are likely to open moderately higher, supported by follow-through buying and cash premiums.