DTN Early Word Opening Livestock 01/12 06:02

DTN Early Word Opening Livestock 01/12 06:02 Meat Futures Likely to Open on Firm Basis Live and feeder futures should open some higher, supported by short-covering and further gains in carcass value. Lean hog futures are also geared to begin with moderate price strength tied to expectations of higher cash sales over the next 30 to 60 days. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 10-30 HR Live Equiv $157.33 + $1.78* Hogs: Steady-$1 HR Futures: 10-30 HR Lean Equiv $ 74.54 + .52** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Packer inquiry in cattle feeding country is expected to be light to moderate thanks to short-bought conditions and attractive processing items. Asking prices are now well defined at this point with some showlists in Kansas and Texas tagged around $135 to $136. Needless to say, asking prices are quite fluid this early in the game with adjustment dependent upon board action over the next few days. Significant trade volume will probably be delayed until at least Wednesday or Thursday. Live and feeder futures should open moderately higher, supported by short-covering and the bullish forward march of beef cutouts.