DTN Early Word Opening Livestock 10/29 06:15

DTN Early Word Opening Livestock 10/29 06:15 Cattle Complex Futures Staged for Follow-Through Buying Live and feeder futures should open higher, girded by residual buying interest and ideas of greater cash potential. Conversely, lean hog contracts are not likely to open any better than mixed. By John Harrington DTN Livestock Analyst Cattle: Steady to $2 HR Futures: 50-100 HR Live Equiv 147.60 + $1.11* Hogs: $1 LR Futures: mixed Lean Equiv $ 88.51 - 0.38** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle buyers could show light to moderate interest this morning with bids around $138 in the South and $208 in the North. Yet asking prices should remain firm thanks to the encouragement of both higher futures and cut-outs. Given determined asking prices around $142 in the South and $212 plus in the North, significant trade volume may easily be delayed until sometime Friday. CME officials announced 33 delivery intentions on Wednesday, 8 new (5 heifers: 3 at Columbus and 2 at Norfolk; 3 steers, all at Columbus) and 25 retendered for $1 (all steers at Worthing and all demanded). Live and feeder futures should open solidly higher, boosted by follow-through buying and supportive fundamentals.