DTN Early Word Opening Livestock 05/19 06:01

DTN Early Word Opening Livestock 05/19 06:01 Hog Paper Should Open Moderately Lower Look for lean hog contracts to open moderately lower, pressured by follow-through selling and cash discounts. On the other hand, live and feeder issues are likely to trade on a mixed basis in the early going Thursday morning as bulls and bears position ahead of cash news and Friday's May 1 Cattle on Feed report. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $150.55 + .80* Hogs: Steady-$1 HR Futures: 25-50 LR Lean Equiv $ 88.77 - .38** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Though some steady/weak business developed in the Southern tier of cattle feeding country on Wednesday, it sounds like packer demand was rather narrow. There are still unsold cattle in the South priced around $136. The North remains untouched with steers and heifers priced around $215 or better. Significant trade volume could be delayed until sometime Friday. Expect live and feeder futures to open on a mixed basis Thursday morning as traders jockey ahead of late-week cash business and the May 1 Cattle on Feed report.