DTN Early Word Opening Livestock 04/05 05:58

DTN Early Word Opening Livestock 04/05 05:58 Meat Futures Should Open Slow With Mixed Prices The cattle complex is likely to open on a mixed basis thanks to short-covering on one hand and technical selling on the other. Lean hog contracts should also begin with uneven price action tied to further bear spreading. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $145.52 - ___FCKpd___0.74 * Hogs: Steady Futures: Mixed Lean Equiv $ 81.23 + ___FCKpd___0.28 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Expect a typically sleepy Tuesday in cattle country with neither bids nor feedlot asking prices well defined. We really don't anticipate much action until Thursday or Friday. Monday represented first notice day for spot April live. Not surprisingly, given the recent strength of basis levels, CME officials announced zero delivery interest Monday. Our guess is that asking prices will probably start out around $136 plus in the South and $218 to $220 in the North. Live and feeder futures are staged for a mixed open thanks to short-covering and long liquidation.