DTN Early Word Opening Livestock 02/24 06:02

DTN Early Word Opening Livestock 02/24 06:02 Meat Futures are Staged to Open Moderately Higher Live and feeder futures should open with moderate price strength, supported by follow-through buying and rising cash/product expectations. Lean hog contracts are geared to begin moderately higher, encouraged in part by greater packer spending in the country. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 25-50 HR Live Equiv $145.40 + $1.42 * Hogs: Steady-$1 HR Futures: 25-50 HR Lean Equiv $ 80.04 + $0.05 ** * 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 start to become more evident at midweek. Look for starter bids around $210 in the North and $132 to $134 in the South. Yet we doubt that bullish-minded feedlot managers will be very tempted, standing tall with higher asking prices around $215 plus in the North or $138 to $140 in the North. Given such a wide spread between bids and asking prices, significant trade volume could easily be delayed until Thursday or Friday. Live and feeder futures are expected to open moderately higher, lifted by residual buying interest, improving beef demand, and positive cash expectations.