DTN Early Word Opening Livestock 07/29 06:18

DTN Early Word Opening Livestock 07/29 06:18 Hog Paper Staged for Defensive Opening Lean hog futures are set to open lower, pressured by follow-through selling and crashing pork carcass value. On the other hand, live and feeder contracts should begin with moderate gains thanks to residual buying interest and the premium status of expected cash sales. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $134.17 - .32 * Hogs: Steady-$1 LR Futures: 25-50 LR Lean Equiv $ 85.72 - $2.32 ** * 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 buyers and sellers will have to roll up their sleeves sometime Friday and generate at least moderate trade volume totals. Opening bids should start out around $114 in the South and $183 to $186 in the North. On the other hand, asking prices should remain firm in the early rounds, around $120 in the South and $190 in the North. Live and feeder futures are expected to open on a mixed basis thanks to both spillover selling and pre-cash short-covering.