DTN Early Word Opening Livestock 09/19 06:07

DTN Early Word Opening Livestock 09/19 06:07 Cattle Futures Staged to Open Significantly Higher Live and feeder contracts should open with impressive gained, supported by follow-through buying and greater packer spending in the country late last week. Lean hog issues are likely to open moderately higher thanks to early week short-covering and spillover buying from the cattle complex. By John Harrington DTN Livestock Analyst Cattle: Cash Steady-$2 HR Futures 100-200 HR Live Equiv $126.72 - .08* Hogs: Cash Steady-$1 LR Futures 25-50 HR Lean Equiv $85.58 + .09** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Feedlot expectations should start the week in a much better frame of mind thanks to last week's decent progress in both cash and futures. Of course, country activity Monday will be limited to the distribution of new showlists. We expect the new offering to be steady to somewhat smaller. Asking prices will not be well defined this morning, but it seems like a good bet that sellers will be initially thinking anywhere from $3-$5 higher on a live basis. Definitive ideas may not take shape until Wednesday or later. Live and feeder futures should open significantly higher, powered by Friday's impressive show of cash strength.