DTN Early Word Opening Livestock 07/08 06:09

DTN Early Word Opening Livestock 07/08 06:09 Cattle Futures Set to Open Late-Week Session With Mixed Prices The cattle complex seems staged to open on a mixed basis linked to a combination of follow-through selling and pre-cash short covering. Along the same lines, lean hog futures should open on both sides of unchanged as traders position ahead of the weekend break. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $140.30 + .37* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 94.98 - .58** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cash cattle traders are entering the eleventh hour Friday with virtually no business completed yet for the week. Look for light to moderate business to surface sometime between late morning and midafternoon. Opening bids should start out around $119 in the South and $190 to $192 in the North. Nominal asking prices should be restated around $124 to $125 in the South and $200 plus in the North. Yet we suspect, given the board's large discount, that selling interest may increase if packer bids moved closer to steady money with last week (e.g., $122 basis Kansas and Texas). Look for live and feeder futures to open on a mixed basis with spillover selling interest offsetting pre-cash short covering.