DTN Early Word Opening Livestock 02/04 06:12

DTN Early Word Opening Livestock 02/04 06:12 Cattle Futures Set for Follow-Through Buying Look for live and feeder cattle contracts to open Thursday moderately higher, supported by follow-through buying and the premium status of recent feedlot sales. Lean hog futures seem likely to trade mixed in the early going thanks to residual buying interest and profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 10-30 HR Live Equiv $149.37 + .01 * Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 81.35 - $1.14 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle trade could begin to take preliminary shape Thursday, at least in terms of scattered bids across the feeding area. Significant trade volume will probably be delayed until sometime Friday. Some producers will not want to reassess immediate offerings given the impact of the early-week storm. Look for feedlot managers in the South to price ready steers and heifers around $142. Our guess is that dressed cattle in the North will be priced close to $115 or better. Live and feeder futures are geared to move moderately higher, boosted by follow-through buying and positive cash expectations.