DTN Early Word Opening Livestock 06/17 05:58

DTN Early Word Opening Livestock 06/17 05:58 Lean Hog Issues Set for Firm Opening Lean hog contracts should open moderately higher, supported by follow-through buying and this week's consistent advancement of cash sales. On the other hand, the cattle complex should begin with mixed price action tied to both spillover selling and late-week short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady/weak w/Thurs Futures: Mixed Live Equiv $147.20 -1.42* Hogs: Steady-$1 HR Futures: 10-30 HR Lean Equiv $ 92.44 - .32** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: So far, feedlot managers have found it an ugly week to trade ready steers and heifers. While trade volume has been quite limited so far, sellers have found sharply lower bids around every corner they turn. For example, early morning dressed sales in the North on Thursday were marked at $195 to $196, but later in the afternoon, a few deals were reported as low as $192. But while feedlots are on the defensive, several short-bought packers need to secure slaughter needs. Asking prices should start out around $125 in the South and $200 plus in the North. Live and feeder futures are set to open on a mixed basis tied to residual selling on one hand and short-covering on the other.