DTN Early Word Opening Livestock 07/21 05:59

DTN Early Word Opening Livestock 07/21 05:59 Cattle Futures Staged to Open With Uneven Price Action The cattle complex is set to open on a mixed basis tied to follow-through selling on one hand and pre-report short-covering on the other. Hog futures should also begin with uneven price action tied to light bear spreading and profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: Mixed Live Equiv $135.51 - .77* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 95.10 - $1.58** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle-buying inquiry should be light to moderate Thursday as packers work to supply short-term slaughter needs. Wednesday's cash market was well tested in the South at $115, $2 lower than last week. Action in the North was somewhat slower with most dressed deals marked at $185, $2 lower than last week's weighted average basis Nebraska. Look for trade volume to grow further Thursday and/or Friday. Asking prices on the balance of showlists are around $117 in the South and $187 to $188 in the North. Live and feeder futures are expect to open mixed thanks to a combination of residual selling and pre-report short-covering.