DTN Early Word Opening Livestock 06/28 05:56

DTN Early Word Opening Livestock 06/28 05:56 Hog Paper Expected to Open With Mixed Prices Look for lean hog futures to open on a mixed basis, lower in nearby contracts and some higher in deferreds. At the same time, the cattle complex should begin moderately lower, checked by lower beef cutouts and uncertain cash projects. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 25-50 LR Live Equiv $140.75 - 1.30* Hogs: Steady Futures: Mixed Lean Equiv $ 94.47 - .27** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: It's not likely that the cattle trade will move out of neutral gear anytime soon. Bids and asking prices will remain poorly defined Tuesday morning with both sides waiting for the other to make the first move. Our guess is that asking prices will start out around $118 to $120 in the South and $190 to 192 in the North. Chances are that neither side will get serious about doing business until Thursday or Friday. Live and feeder futures are staged to open moderately lower, pressured by struggling beef demand and long liquidation.