DTN Early Word Opening Livestock 03/30 06:13

DTN Early Word Opening Livestock 03/30 06:13 Hog Futures Staged to Open with Moderate Strength Look for lean hog futures to open moderately higher, supported by follow-through buying and technical bullishness. On the other hand, the cattle contracts are likely to trade on a mixed basis in the early going with light volume. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: mixed Live Equiv $151.02 - 0.30* Hogs: Steady-$1 HR Futures: 10-30 HR Lean Equiv $81.04 + 0.02** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Market watchers should start to see a few preliminary bids in feedlot country Wednesday morning, probably around $134 to $135 in the South and $215 to $216 in the North. Packers appear to be relatively short bought, but the timing of business may hinge a great deal on the ability of the board to stabilize. If feedlot managers are encouraged to stick with firm asking prices (e.g., $138-plus in the South, $220-plus in the North), significant trade volume may not surface until Thursday or Friday. Live and feeder futures are expected to open on a mixed basis as traders cautiously position ahead of cash news.