DTN Early Word Opening Livestock 01/13 06:00

DTN Early Word Opening Livestock 01/13 06:00 Hog Futures Likely to Open Solidly Higher Lean hog futures should open at least moderately higher, supported by follow-through buying and signs of seasonal strength in the cash trade. On the other hand, look for the cattle complex to start on a mixed note thanks to spillover selling and midweek short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: mixed Live Equiv $156.97 - .36* Hogs: Steady-$1 HR Futures: 10-30 HR Lean Equiv $ 74.55 + .01** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Feedlot sales so far this week have been token in number but steady/firm in price (i.e., $133 to $134 live, $210 dressed). That's not a bad way for the cash market to start and beef producers are hoping they can build on such promising preliminaries. Packer inquiry could continue to improve Wednesday morning, but if higher asking prices hold (i.e., $135 to $136 in the South, $215 plus in the North), significant trade volume could easily be delayed until Thursday or Friday. Live and feeder futures seem set to open with mixed prices thanks to a combination of residual selling and pre-cash short-covering.