DTN Early Word Opening Livestock 09/17 05:52

DTN Early Word Opening Livestock 09/17 05:52 Livestock Futures Set for Mixed Opening Look for the cattle complex to open on a mixed basis tied to residual selling on one hand and short covering on the other. Similarly, lean hog futures should begin on both sides of unchanged thanks to follow-through selling and profit taking. By John Harrington DTN Analyst Cattle: $2-4 LR Futures: mixed Live Equiv $157.33 - 0.04* Hogs: Steady to $1 HR Futures: mixed Lean Equiv $ 88.25 - 0.33** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle trade has taken another bad stumble. Dressed business in parts of the North surfaced between $212-214, $5-7 lower than last week basis Nebraska. But while area trade volume was moderate, the South cash market remained untested. Feedlot psychology was damaged by crashing cattle futures and fears of defensive carcass demand. Packers bids this morning are likely to be renewed around $210-212 in the North and $134-135 in the South. Our guess is that showlists will be priced around $215 in the North and $140 in the South. Live and feeder futures seem likely to open mixed linked to spillover selling and pre-report short covering.