DTN Early Word Opening Livestock 08/10 06:02

DTN Early Word Opening Livestock 08/10 06:02 Cattle Paper is Set to Open Moderately Higher Live and feeder futures should start moderately higher Wednesday, girded by follow-through buying and firm cash expectations. Lean hog contracts are likely to open on a mixed basis tied to profit-taking and light bear spreading. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 25-50 HR Live Equiv $135.32 + .33* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 81.81 - .69** * 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 could start to float a few preliminary bids Wednesday, possibly around $116 to $117 in the South and $185 to $186 in the North. We're assuming that most asking prices will be around $122 in the South and $192 plus in the North. Despite the possibility of early posturing, we don't expect to see a significant market test before Thursday or Friday. Live and feeders seem geared to open moderately higher, supported by spillover buying and ideas of further cash progress waiting later this week.