DTN Early Word Opening Livestock 03/09 06:01

DTN Early Word Opening Livestock 03/09 06:01 Cattle Paper Expected to Open Moderately Higher Live and feeder contracts should open moderately higher, supported by follow-through buying and ideas of cash stability. On the other hand, look for lean hog issues to commence, with mixed prices linked to a combination of light bear-spreading and profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 10-30 HR Live Equiv $147.96 -$0.25* Hogs: Steady Futures: Mixed Lean Equiv $ 80.13 -$0.10** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle market could begin to take on greater definition at midweek, at least in terms of more specifically defined bids and asking prices. Though Tuesday's country business was limited to just a few scattered deals in Texas and Nebraska, the fact that steady money was available as early as Tuesday may underscore assumptions that packers are very short bought. Nevertheless, significant trade could still be delayed until Thursday or later. Our guess is that asking prices are around $138 plus in the South and $218 in the North. Live and feeder futures are expected to open moderately higher, boosted by spillover buying and signs of cash stability/firmness.