DTN Early Word Opening Livestock 07/11 06:01

DTN Early Word Opening Livestock 07/11 06:01 Livestock Paper Likely to Open New Week With Mixed Prices Look for the cattle complex to open on a mixed basis Monday tied to a slow combination of short covering and long liquidation. Along the same lines, lean hog futures should also see uneven action in the early rounds thanks to follow-through selling and profit taking. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv $139.86 - .44 * Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 94.97 - .01 ** * 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 cash cattle market finally surfaced late Friday when feedlot managers reluctantly decided to use lower packers bids to move at least part of showlists. Light to moderate trade volume developed in the South at $120, $2 lower than the previous week. At the same time, moderate business was generated in parts of the North with most dressed deals marked at $191, roughly $4 to $5 below the week before. Activity Monday will be typically slow with buyers limiting efforts to the collection of new showlists. We expect the new offering to be steady to somewhat larger than last week. Asking prices are not likely to be well defined. Live and feeder futures seem set to open on a mixed basis thanks to short covering on one hand and long liquidation on the other.