DTN Early Word Opening Livestock 04/21 06:16

DTN Early Word Opening Livestock 04/21 06:16 Cattle Paper Set for Mixed Opening Live and feeder futures seem likely to open on a mixed basis tied to residual selling on one hand and short-covering on the other. Lean hog futures should open moderately higher, supported by positive momentum and improving fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv $149.27 - .19* Hogs: Steady-$1 HR Futures: 10-30 HR Lean Equiv $ 86.18 + .36** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle buyers and sellers alike are looking for market psychology to stabilize and open the door on cash trading possibilities. Opening bids are likely to start out around $127 in the South and $208 in the North. Our guess is that asking prices will start out around $130 to $132 in the South and $121 plus in the North. It's possible that significant trade volume won't develop until sometime Friday. Live and feeder contracts should begin on a mixed basis thanks to a slow combination of spillover selling and pre-cash short-covering.