DTN Early Word Opening Livestock 07/19 06:03

DTN Early Word Opening Livestock 07/19 06:03 Cattle Futures Set to Open Moderately Higher Live and feeder contracts should open moderately higher, supported by follow-through buying and further short-covering. Lean hog futures seem ready to open on a mixed basis tied to residual selling and profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 10-30 HR Live Equiv $136.08 - $1.13 * Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 96.68 + .85 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Look for a typically quiet Tuesday in cattle country with neither bids nor asking prices well defined. Another round of limited trade volume totals last week suggest that packers should be short bought and needing cattle. Frankly, we thought that was the case last week, but buyers didn't have much trouble getting through the week. Our guess is the significant trade volume will at least be delayed until Wednesday or Thursday. Live and feeder futures should open moderately higher with the help of follow-through buying and further short-covering.