DTN Early Word Opening Livestock 10/13 06:06

DTN Early Word Opening Livestock 10/13 06:06 Cattle Paper to Open With Firm Undertone Live and feeder cattle are geared to open moderately higher, lifted by follow-through buying and positive cash expectations. Hog contracts should also begin with some strength in light trade volume. By John Harrington DTN Livestock Analyst Cattle : Higher Futures: 25-50 HR Live Equiv $139.37 + $1.18* Hogs : Steady to $1 HR Futures: 10-30 HR Lean Equiv $93.79 + 0.89 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Look for the cash cattle trade to remain at a standstill with both preliminary bids and asking prices poorly defined. We may not get a decent sense of even the neighborhood of price possibility until Thursday or Friday. Understandably, feedlot managers don't want to price cattle too cheaply, hoping that another big jump in price like that seen last week is waiting in the wings. CME officials announced 26 delivery intentions, all retendered for $1 at Norfolk (25 were demand). Live and feeder futures should open moderately higher, supported by bull-spreading and improving fundamentals.