DTN Early Word Opening Livestock 04/27 06:13

DTN Early Word Opening Livestock 04/27 06:13 Livestock Futures Staged Open With Moderate Strength The cattle complex is expected to open moderately higher, supported by follow-through buying and midweek short-covering. Lean hog futures should also begin with firm price action thanks to improving fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$1 HR Futures: 25-50 HR Live Equiv $147.04 -0.63** Hogs: Steady-$1 HR Futures: 25-50 HR Lean Equiv $ 86.70 +1.24** * 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 could start to suggest a few preliminary bids this morning, possibly around $125 to $126 in the South and $198 to $200 in the North. Yet we don't expect to see significant trade volume before Thursday or Friday. Some sellers are pricing ready steers and heifers around $130-plus in the South and $205-plus in the North. Needless to say, recovering futures are currently working to stiffen feedlot resolve. Yet many sellers remain nervous about the ability of the board to hold at higher levels, as well as the discouraging discount of deferred live futures. Live and feeder futures are geared to open moderately higher, supported by follow-through buying and further short-covering.