DTN Early Word Opening Livestock 09/16 06:12

DTN Early Word Opening Livestock 09/16 06:12 Cattle Futures Set to Open Mixed as Traders Position Ahead Of Cash News Live and feeder futures are likely to open with mixed price action thanks to follow-through buying on one hand and profit-taking on the other. Lean hog issues are expected to open moderately lower, pressured by defensive fundamentals and technical selling. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $126.80 - .10* Hogs: Steady-$1 LR Futures: 25-50 LR Lean Equiv $ 85.49 -1.78** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Welcome to the 11th hour in the cash cattle trade. Sometime between late morning and late afternoon, packers and feedlot managers will have to come to terms, at least enough to generate moderate trade volume. Early bids should be renewed around $104 in the South and $165 to $166 in the North, well below asking prices of $110 in the South and $173 plus in the North. Live and feeder futures should open on a mixed basis as specs and commercials position ahead of cash market development.