DTN Early Word Opening Livestock 06/23 06:16

DTN Early Word Opening Livestock 06/23 06:16 Meat Futures Staged for Mixed Opening Ahead of Late-Week Reports Lean hog contracts should open on a mixed basis tied to follow-through selling on one hand and short-covering on the other. Live and feeder futures are also likely to begin with uneven price action thanks to a combination of short-covering and long liquidation. By John Harrington DTN Livestock Analyst Cattle: Steady/wk with Wed Futures: Mixed Live Equiv $143.57 - .33* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 94.70 + .77** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light to moderate business developed in most cattle-feeding states on Wednesday, though the best test was evident in parts of the South. Most live deals were marked at $116, steady/weak with Tuesday, but roughly $5 below last week. Many showlists remain untouched with asking prices around $120 in the South and $191 to $192 in the North. Live and feeder futures seem likely to open on a mixed basis linked to follow-through buying and pre-report long liquidation.