DTN Early Word Opening Livestock 07/01 06:06

DTN Early Word Opening Livestock 07/01 06:06 Cattle Contracts Staged for Late-Week Strength Live and feeder futures are expected to open with decent strength, supported by follow-through buying and impressive cash strength. Conversely, lean hog contracts will probably begin with mixed prices linked to late-week profit-taking and bear spreading. By John Harrington DTN Livestock Analyst Cattle: Cash Stdy/Firm w/Thurs Futures 50-100 HR Live Equiv $139.35 - .27* Hogs: Cash Steady-$1 LR Futures Mixed Lean Equiv $93.65 - .51** * 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 fireworks stand in feedlot country exploded on Thursday with fed cattle sales rocketing sharply higher. Live sales in the South were marked as high as $122, $6 higher than last week. Volume seemed at least moderate and business could be done for the week. Dressed sales in the North ranged between $195 to $200 (mostly $196, generally $8 higher). Yet, since business was more light to moderate in the North, we could see another round of trading this morning/early afternoon before buyers and sellers exit for the long weekend. Asking prices on cattle left on showlists are probably priced around $222-$224 in the South and $200-plus in the North. Live and feeder futures are geared to open higher, supported by follow-through buying and impressive cash sales.