DTN Early Word Opening Livestock 04/29 06:10

DTN Early Word Opening Livestock 04/29 06:10 Cattle Futures Seem Staged to Open Moderately Lower Live and feeder contracts are set to open moderately lower, pressured by follow-through selling and sloppy cash action. On the other hand, lean hog futures should open with a firm undertone, supported by spillover buying and improving fundamentals. By John Harrington DTN Livestock Analyst Cattle: Cash Steady Futures 25-50 LR Live Equiv $142.70 - $1.65* Hogs: Cash Steady Futures 10-30 HR Lean Equiv $86.85 - .05** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Once again, bearish cattle futures have succeeded in leading the feedlot trade significantly lower. Light to moderate trade volume surfaced in most areas on Thursday. Dressed deals in the North were marked at $196 -- $4 lower than the week before. It will be interesting to see official trade volume totals. It's possible that one final round of trade volume happens Friday, but the week's prices range has probably been established. Note the some Northern cattle to be delivered by mid- or late-May were traded as low as $190 to $192. Live sales in the South were tagged at $124 -- $3 lower than last Friday. Live and feeder futures this morning are likely to open moderately lower, checked by residual selling, lower feedlot sales, and struggling wholesale beef prices.