DTN Early Word Opening Livestock 05/20 06:14

DTN Early Word Opening Livestock 05/20 06:14 Livestock Futures Seem Set to Open Late-Week Trading With Mixed Price Action Expect cattle futures to open on a mixed basis as traders jockey ahead of late-week cash news and the May 1 Cattle on Feed report. Lean contracts are also likely to open on both sides of unchanged thanks to residual selling and pre-weekend short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv $150.07 - .48* Hogs: Steady Futures: Mixed Lean Equiv $ 88.28 - .49** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle trade has been slow in developing this week. Light to moderate trade volume is evident in the South (mostly at $130 to $132), so it's possible that area business is done for the week. Yet Northern buyers and sellers would still appear to have plenty of work to do before either can call it a week. Look for opening bids of $205 to $206 in Nebraska and Iowa, well below asking prices of $212 plus. The May 1 Cattle on Feed report will be released Friday afternoon at 2 p.m. CDT. Average trade guesses are anticipating a relatively steady feedlot population: on feed, unchanged; placed in April, off 1% to 2%; marketed in April, up 2% to 3%. Live and feeder futures are likely to open on a mixed basis as traders position ahead of late-week cash news and new Cattle on Feed data.