DTN Early Word Opening Livestock 03/24 06:05

DTN Early Word Opening Livestock 03/24 06:05 Meat Futures Set for Mixed Opening Look for the cattle complex to open on a mixed basis thanks to a cautious combination of residual selling and pre-cash short-covering. Similarly, lean hog futures are expected to produce uneven price action in the early rounds as traders position ahead of Friday's Hogs and Pigs report. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $151.70 - ___FCKpd___0.61* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 81.60 + ___FCKpd___0.65** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: With cattle futures down on Friday, packers and feedlot managers would like to complete cash business sometime Thursday. But given the disruptive behavior of futures this week, it may be difficult for buyers and sellers to find common ground before Friday. Opening bids Thursday should be around $135 in the South and $216 to $218 in the North. Some showlists will be priced around $140 to $141 in the South and $223-plus in the North. Live and feeder futures are geared to open narrowly mixed, tied to a combination of spillover selling and pre-cash profit-taking.