DTN Early Word Opening Livestock 10/16 06:19

DTN Early Word Opening Livestock 10/16 06:19 Cattle Paper Set to Mixed Opening Ahead of Cash News Live and feeder futures seem set to open on a mixed basis, torn between follow-through selling and pre-cash short-covering. Lean hog contracts should also produce uneven price action tied to light bull-spreading and late-week profit-taking. By John Harrington DTN Livestock Analyst Cattle: Higher Futures: mixed Live Equiv $143.24 + 0.60* Hogs: Steady to $1 LR Futures: mixed Lean Equiv $ 92.14 - 0.61** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Once again, we think it's a good bet that the late-week cash market will be higher by the time the sun sets Friday evening. Exactly how much higher seems to be a much tougher call. Most packers are certainly short-bought and fed supplies could tighten for another 30 days or more. Yet processing margins seem to be narrowing. Some cattle have been priced around $135 live and $210-plus dressed. CME officials announced eight new delivery intentions on Thursday (2 heifers, 6 steers, all at Worthing) and 2 retenders at $1 (1 heifer, 1 steer, all at Norfolk and all demanded). Live and feeder futures should open mixed as traders cautiously position ahead of cash news.