DTN Early Word Opening Livestock 07/05 06:00

DTN Early Word Opening Livestock 07/05 06:00 Meat Futures Should Return From Holiday With Firm Openings Look for the cattle complex to open higher Tuesday, supported by post-holiday short-covering and cash premiums. Lean hog futures should also begin with a firm undertone thanks to recovering carcass value and seasonal optimism. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $139.04 - .31* Hogs: Steady Futures: 50-100 HR Lean Equiv $ 94.70 +1.05** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Tuesday in cattle country will seem like a typical Monday thanks to the long weekend. Look for activity to be limited to the distribution of new showlists. We expect the post-holiday offering to be steady to somewhat larger than last week. Given last week's impressive price progress, our guess is that asking prices will start out around $124 to $125 in the South and $200 to $202 plus in the North. Live and feeder futures are likely to open solidly higher, supported by early-week short-covering and the tall cash premiums of late June.