DTN Early Word Opening Livestock 02/17 06:01

DTN Early Word Opening Livestock 02/17 06:01 Live and Feeder Contracts Set for Firm Opening The cattle complex seems likely to open moderately higher, supported by follow-through buying and ideas of cash stability/firmness. On the other hand, hog futures are likely to open on a mixed basis tied to residual selling and short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 10-30 HR Live Equiv $144.16 - $1.23* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 80.65 - $0.26** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle buyers could field a few more opening bids Wednesday, but significant trade volume before Thursday or Friday seems unlikely. Indeed, if futures keep improving, cash business could be significantly delayed until just before the weekend break. Asking prices should be around $136 plus in the South and $212 to $214 plus in the North. The CME is still not seeing any delivery interest tied to February live. Look for live and feeder futures to open moderately higher thanks to bullish follow-through from Tuesday's surge.