DTN Early Word Opening Livestock 09/21 06:05

DTN Early Word Opening Livestock 09/21 06:05 Livestock Paper Likely to Open Midweek Business Slow and Mixed Look for cattle futures to open Wednesday with mixed price action as traders jockey ahead of late-week cash prospects. Lean hog contracts also seem set to begin with uneven prices thanks to both short-covering and general selling interest. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $126.90 + .23* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 86.36 + .85** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: We could start to see better definition of cash cattle potential at midday, at least in terms of more preliminary suggestions of packer bids and feedlot asking prices. Yet few expect a real market test to develop before Thursday or Friday. While most beef producers have been sitting on their hands so far in terms of asking prices, some cattle in the South have been priced around $115. Country psychology received a much needed shot in the arm last week, so cattle buyers probably sense they won't have much success in lowering bullish expectations until late in the week (if then). Live and feeder futures are geared to open on a mixed basis, cautiously positioning ahead of both pending cash developments and the Sept. 1 Cattle on Feed report.