DTN Early Word Opening Livestock 05/10 06:02

DTN Early Word Opening Livestock 05/10 06:02 Cattle Paper Staged to Extend Recovery on the Opening Live and feeder contracts should open with a firm undertone, supported by follow-through buying and cash premiums. Lean futures are likely to begin with moderate strength thanks to short-covering and spec buying. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $138.72 +1.61* Hogs: Steady-$1 HR Futures: 10-30 HR Lean Equiv $ 87.59 + .95** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: It's a good bet that Tuesday's cash cattle trade will be all talk (and perhaps not a great deal of that) and absolutely no walk. Our guess is that early-week asking prices will be around $132 to $133 in the South and $205 plus in the North. Yet chances are that cash potential will essentially lack definition in terms of either bids or asking prices until Thursday or Friday. Live and feeder futures seem set to open on a firm basis, supported by triple-digit gains on Monday and ideas of further feedlot cash potential.