DTN Early Word Opening Livestock 04/28 06:13

DTN Early Word Opening Livestock 04/28 06:13 Cattle Paper Likely Pressured on Opening Live and feeder futures are staged to open lower, checked by follow-through selling and struggling boxed beef. On the other hand, lean hog contracts should open moderately higher, supported by residual buying interest and positive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Cash Steady-$2 LR Futures 50-100 LR Live Equiv $144.35 - $2.69* Hogs: Cash Steady-$1 HR Futures 10-30 HR Lean Equiv $ 86.90 + .20** * 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 show more interest this morning, being both short-bought and well-margined. Look for opening bids around $124 in the South and $196 in the North, still well below asking prices of $130 in the South and $205 in the North. If the basis strengthens further as the board softens, feedlot resolve could be compromised. On the other hand, the opposite could happen if the board gets back in the recovery groove. Maybe all of the uncertainty means that significant cash business will be delayed until sometime Friday. Live and feeder futures should open under pressure linked to spillover selling and sharply lower cut-outs.