DTN Early Word Opening Livestock 04/08 06:10

DTN Early Word Opening Livestock 04/08 06:10 Look for Cattle Futures to Open With Significant Strength Live and feeder contracts should open solidly higher, supported by follow-through buying and encouraging signs of cash recovery. Lean hog futures seem likely to open on a mixed basis with summer issues better supported than the nearby. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $144.46 - 1.02* Hogs: Steady Futures: Mixed Lean Equiv $ 82.05 - .53** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Action in the cattle market Thursday was the most encouraging we've seen in a week. Both cash and board traders witnessed significant price appreciation from early to late. The only blemish in the bullish picture was tied to further losses in the boxed beef trade. Cattle buyers continue to raise bids in the face of struggling carcass values but fed offerings have gone from tight to tighter. Indeed, it appears that some packers still remain short bought, possibly requiring them to move closer to higher asking prices of $136 in the South and $218 in the North. Live and feeder futures should open solidly higher, boosted by follow-through buying and firming cash expectations.