DTN Early Word Opening Livestock 08/22 06:09

DTN Early Word Opening Livestock 08/22 06:09 Cattle Futures Complex Set for Mixed Opening Live and feeder contracts are likely to open mixed Monday thanks to a combination of residual selling and early-week short-covering. Look for lean hog futures to open moderately higher, supported by follow-through buying and the premium status of the cash index. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $135.61 - .36* Hogs: Steady Futures: 25-50 HR Lean Equiv $ 80.01 + .86** * 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 feeders will be looking for a way to get the traditional third quarter cash rally back on track this week. Yet nothing will be decided Monday as buyers and sellers go through the preliminaries of new showlist distribution. We expect ready numbers of steers and heifers to be about steady with last week. While initial asking prices may hinge on the ability of live and feeder futures to recover, our guess is that feedlot managers will start out pricing fed inventory around $120 in the South and $190 in the North. Live and feeder futures seem geared to open on a mixed basis linked to follow-through selling and early-week short-covering.