DTN Early Word Opening Livestock 08/04 06:01

DTN Early Word Opening Livestock 08/04 06:01 Meat Futures Staged for Mixed Opening, Higher in Cattle and Lower in Hogs Look for the cattle complex to open higher, supported by follow-through buying and ideas of greater packer spending in cattle country. Lean hog futures seem likely to open lower, checked by spillover selling and defensive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $134.93 + .40* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv $ 82.75 - .94** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: If cattle buyers want to collect ready inventory Thursday, they will probably find it necessary to dig deeper into wallets. Such a costly decision could easily be delayed until sometime Friday. Asking prices will surely stay firm given the recent performance of futures and cutouts. Most showlists are priced around $120 to $122 in the South and $190 to $192 in the North. Live and feeder futures should open moderately higher Thursday, supported by further spec buying and short-covering.