DTN Early Word Opening Livestock 08/01 06:00

DTN Early Word Opening Livestock 08/01 06:00 Cattle Futures Set to Open Higher Thanks to Cash News Live and feeder futures should open solidly higher this morning, supported by greater packer spending in feedlot country Friday. On the other hand, lean hog issues are likely to open on a mixed basis linked to short-covering on one hand and technical bearishness on the other. By John Harrington DTN Livestock Analyst Cattle: Cash Steady-$2 HR Futures 50-100 HR Live Equiv $133.73 - .44 * Hogs: Cash Steady-$1 LR Futures Mixed Lean Equiv $84.93 -. 79 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light to moderate cattle trading surfaced late Friday with short-bought packers forced to move closer to higher asking prices. Live business was marked at $116, $1 higher than the previous week. Dressed deals in the North surfaced from $186 to $188, $1 to $3 higher than last week's weighted average basis Nebraska. Activity this morning will typically be limited to the distribution of new showlists. We expect the early month offering to be about steady with last week. Asking prices are likely to be higher, but how much higher may depend on the board's ability to improve. Look for live and feeder cattle futures to open higher, supported by greater packer spending last week and substantial cash premiums.