DTN Early Word Opening Livestock 06/01 06:01

DTN Early Word Opening Livestock 06/01 06:01 Meat Futures Staged for Mixed Opening at Midweek The cattle complex seems likely to open on a mixed basis Wednesday morning, linked to a combination of residual buying and beef demand worries. Lean hog contracts should also begin with uneven price action thanks to uncertain early summer cash potential. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $145.72 - .17* Hogs: Steady Futures: Mixed Lean Equiv $ 89.58 + .79 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Given this week's holiday-shortened schedule, we could start to see the cash cattle market take on greater definition, both in terms of preliminary bids and initial asking prices. Nevertheless, the spreading between the two could easily be great enough to delay significant trade volume until sometime Friday. We look for asking prices to start in the neighborhood of $132 in the South and $210 to $215 in the North. Live and feeder futures seem likely to open on a mixed basis thanks to a combination of follow-through buying and midweek profit-taking.