DTN Early Word Opening Livestock 03/11 06:06

DTN Early Word Opening Livestock 03/11 06:06 Look for Livestock Futures to Open Moderately Higher The cattle complex is staged to open moderately higher thanks to follow-through buying and pre-cash optimism. Lean hog issues should also begin with a firm undertone, girded by improving fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 10-30 HR Live Equiv $149.68 + $0.69* Hogs: Steady-$1 HR Futures: 10-30 HR Lean Equiv $ 81.04 + $0.72 ** * 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 eleventh hour in the cash cattle trade has rolled around once again with short-bought packers struggling to find a way to cover short-term slaughter needs. Look for opening bids around $135 to $136 in the South and $212 to $214 in the North. Such early efforts will be well below asking prices of $140 plus in the South and $220 in the North. Live and feeder futures are set to open moderately higher, supported by residual selling interest and ideas of stronger feedlot sales at least by late Friday afternoon.