DTN Early Word Opening Livestock 08/03 06:19

DTN Early Word Opening Livestock 08/03 06:19 Beef Futures Likely to Show Moderate Strength on Opening Live and feeder futures seem set to open some higher, supported by residual buying, light bull-spreading, and stronger cash expectations. On the other hand, hog paper should begin on a mixed basis with deferreds possibly gaining more ground on nearby. By John Harrington DTN Livestock Analyst Cattle: Cash Steady-$2 HR Futures 25-50 HR Live Equiv $134.53 + .59* Hogs: Cash Steady-$1 LR Futures Mixed Lean Equiv $83.69 - $1.32** * 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 market watchers will be looking for definite signs of cash potential this morning. While they may see a few more bids and asking prices, we expect the spread between the two will remain substantial enough to preclude significant trade volume. Bids could start out around $114 to $115 in the South and $184 to $186 in the North. On the other hand, asking prices should be around $120-plus in the South and $190-plus in the North. Significant trade volume will probably be delayed until Thursday or Friday. Live and feeder futures are staged to open moderately higher, supported by residual buying interest and firm cash expectations.