DTN Early Word Opening Livestock 02/18 06:02

DTN Early Word Opening Livestock 02/18 06:02 Meat Futures Likely to Open Generally Higher Expect the cattle complex to open moderately higher, supported by spillover buying and ideas of steady/firm feedlot sales by the end of the week. Lean hog futures should also begin with higher prices thanks to follow-through buying and impressive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 10-30 HR Live Equiv $143.83 - $0.33* Hogs: Steady-$1 HR Futures: 10-30 HR Lean Equiv $ 80.90 + $0.25** * 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 buying interest could slowly start to improve Thursday morning, at least in terms of a few more bids articulated in the face of higher asking prices. It is beginning to feel as if significant cash business will not surface until sometime late Friday (possibly not until after the release of the Feb. 1 Cattle on Feed report at 2:00 p.m. CST). The ongoing rally in live futures is working toward higher asking prices of $136 to $138 in the South and $215 in the North. Live and feeder contracts seem set to open moderately higher, supported by short-covering, bull spreading, and follow-through buying.