DTN Early Word Opening Livestock 08/19 05:59

DTN Early Word Opening Livestock 08/19 05:59 Meat Futures Set for Mixed Late-Week Opening The cattle complex should open on a mixed basis as traders position ahead of the August 1 Cattle on Feed report set for release Friday afternoon. Lean hog contracts are staged to open with uneven prices tied to a combination of residual selling and late-week profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady w/Thurs Futures: Mixed Live Equiv $135.97 - .05* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 79.15 - .70** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Moderate trade volume surfaced in most areas of cattle-feeding country Thursday with producers responding to lower bids (i.e., $118 in the South, $1 lower; $186 to $187 in the North, steady to $1 lower). We want to study mandatory summaries later Friday, but it's possible that cash trading is essentially done for the week. Whatever unsold steers and heifers remain on showlists, they will be priced around $120 in the South and $190 in the North. The August 1 Cattle on Feed report will be released Friday afternoon at 2 p.m. CT. Average guesses look like this: on feed, up 1.5%; placed in July, up slightly; marketed in July, off slightly. Look for live and feeder futures to open on a mixed basis as traders take late-week profits and position ahead of on feed news.