DTN Early Word Opening Livestock 08/09 06:07

DTN Early Word Opening Livestock 08/09 06:07 Meat Futures Staged for Mixed Opening The cattle complex is likely to open on a mixed basis, pushed and pulled by profit-taking on one hand and short-covering on the other. Lean hog contracts should also begin with uneven action in slow volume. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $134.99 + .48* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 82.50 + .14** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The qualifying rounds of Olympic checkers stand to be more interesting than Tuesday's cash cattle trade. In other words, bids and asking prices are likely to remain barely defined through the day. Our guess is that feedlot managers would price ready steers and heifers Tuesday around $120 to $122 in the South and $190 to $192 in the North. But few are likely to be asked. Chances are that significant trade volume will be delayed until Thursday and Friday. Live and feeder futures seem set to open on a mixed basis tied to a combination of profit-taking and short-covering.