DTN Early Word Opening Livestock 02/08 06:04

DTN Early Word Opening Livestock 02/08 06:04 Cattle Futures Likely to Open New-Week Business With Moderate Weakness Look for live and feeder futures to open moderately lower, pressured early by spillover selling and uncertain cash potential. On the other hand, hog paper should start the week with moderate strength, supported by improving fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 10-30 LR Live Equiv $148.42 - $1.31* Hogs: Steady-$1 HR Futures: 25-50 HR Lean Equiv $ 81.77 + $1.13** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Once again, cattle buyers chose to burn the midnight oil late last week in an effort to finalize procurement chores. But when the last country cat was put out Friday, they didn't seem to own many cattle for all their overtime. Several thousand steers and heifers in Kansas were marked at $136, which was $2 lower than the previous week. Earlier in the day, Northern packers managed to generate light trade volume with most dressed deals marked at a $210, essentially steady with the previous week. Both sides will be regrouping Monday with buyers short bought and sellers probably pasting together longer showlists (i.e., a combo of unsold cattle and additional ready numbers). Our guess is that showlists will be initially priced around $140 in the South and $215 in the North. Live and feeder contracts seem set to open moderately lower, pressured by follow-through selling and uninspiring fundamentals.