DTN Early Word Opening Livestock 07/13 05:58

DTN Early Word Opening Livestock 07/13 05:58 Meat Futures Staged for Mixed Opening at Midweek The cattle complex seems set to open Wednesday morning with mixed prices thanks to spillover selling and short covering. Lean hog issues should also open with uneven prices tied in part to bull spreading and/or the unwinding of bear spreads. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv $138.82 - .71* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 95.69 + .66** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Monitors of the cash cattle trade should start to see more bids Wednesday morning, probably around $188 to $190 in the North and $116 to 118 in the South. Look for showlists to be priced close to $195 in the North and $120 to $122 in the South. Assuming that most packers are relatively short bought, we expect light to moderate trade volume to surface sometime Wednesday and/or Thursday. Live and feeder futures are geared for a mixed opening thanks to a combination of follow-through selling and midweek short covering.