DTN Early Word Opening Livestock 02/26 05:58

DTN Early Word Opening Livestock 02/26 05:58 Meat Futures Staged for Mixed Late-Week Opening The cattle complex is set to open on a mixed basis tied to a combination of follow-through buying and pre-cash profit-taking. Lean hog issues also seem geared for uneven price action in the opening rounds thanks to residual selling and short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $147.17 + $0.47* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 78.58 - $0.76 ** * 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 and sellers will have to come to terms sometime Friday, though necessary compromise could be delayed until late Friday afternoon. Packers are short bought yet reluctant to give away all they've gained in terms of higher box sales. On the other hand, feedlot managers are understandably bullish thanks to surging futures, tight fed supplies, and the same jump in carcass value. Asking prices should stay firm at $138 to $140 in the South and $215 plus in the North. CME officials announced three deliveries on Thursday, one new load at Worthing (steers) and two retendered for $1 at Pratt (steers). Live and feeder futures should open on a mixed basis thanks to follow-through buying on one hand and profit-taking on the other.