DTN Early Word Opening Livestock 02/23 05:53

DTN Early Word Opening Livestock 02/23 05:53 Cattle Complex Staged to Open With Uneven Price Action Look for cattle futures to open on a mixed basis with live contracts gaining more ground on their feeder counterparts. Lean hog contracts should trade moderately higher in the early rounds, supported by follow-through buying and recovering carcass value. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $143.98 +$0.84 * Hogs: Steady-$1 HR Futures: 25-50 HR Lean Equiv $ 79.99 +$1.00 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Given limited trade volume in cattle country last week, it's possible that cash business in late February could surface as early as Wednesday or Thursday. Nevertheless, activity Tuesday will no doubt remain very quiet with bids and asking prices poorly defined. With the impressive way nearby live futures are advancing, our guess is that initial asking prices will be around $138 to $140 in the South and $215 plus in the North. Live and feeder futures seem likely to open on a mixed basis with buyers attracted to nearby live issues more than anything else.