DTN Early Word Opening Livestock 01/29 05:57

DTN Early Word Opening Livestock 01/29 05:57 Cattle Futures Set for Mixed Opening Live and feeder contracts should open on a mixed basis as traders position ahead of cash development and the Jan. 1 cattle report. Lean hog futures are likely to begin with moderate price strength, supported by short-covering and constructive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $147.87 - $ .43* Hogs: $1-2 HR Futures: 25-50 HR Lean Equiv $ 81.00 + $1.16** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Not unlike last Friday, cattle buyers and sellers are moving toward the end of the trading week with virtually no business on the books. Opening bids should be around $130 to $132 in the South and $210 in the North. Look for asking prices to be restated near $138 to $140 in the South and $212 to $214 plus in the North. The cattle inventory will be released Friday afternoon at 2 a.m. CST. Most analysts are expecting official confirmation of 2% to 3% in terms of total numbers. Live and feeder futures seem likely to open on a mixed basis as bulls and bear position ahead of cash news and the new herd assessment.