DTN Early Word Opening Livestock 03/21 06:09

DTN Early Word Opening Livestock 03/21 06:09 Cattle Paper Likely to Open Moderately Lower Look for live and feeder cattle futures to open Monday morning moderately lower, pressured by follow-through selling and larger-than-expected February placement activity. On the other hand, lean hog contracts seem staged for a mixed opening as traders cautiously assess late-month cash potential. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 10-30 LR Live Equiv $154.91 - $1.12* Hogs: Steady Futures: Mixed Lean Equiv $ 80.81 + $0.40** * 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 cattle market is clearly blossoming into a traditional spring rally. Light-to-moderate trade volume surfaced on Friday with short-bought packers once again forced to reach toward higher asking prices. Northern dressed sales ranged from $223 to $225, $3 to $5 higher than the previous week (mostly $223). As the saying goes, nothing breeds success like success. Accordingly, cattle feeders will waste no time in pricing new showlists higher again this week, probably around $143 plus in the South and $230 in the North. Look for Monday's activity to be typically limited to the distribution of new showlists. Expect ready numbers to be about steady with last week. Southern business ranged from $139 to $140, $1 to $2 higher (mostly $139). Live and feeder futures seem set to open moderately lower, initially checked by residual selling and larger-than-expected February placement activity.