DTN Early Word Opening Livestock 10/07 06:13

DTN Early Word Opening Livestock 10/07 06:13 Hog Paper to Open Moderately Higher Thanks to Late-Week Short-Covering Look for lean hog futures to open moderately higher, supported by follow-through buying and late-week short covering. The cattle complex should begin moderately lower, checked by long liquidation and disappointing cash activity. By John Harrington DTN Livestock Analyst Cattle: Steady w/Thurs Futures: 10-30 LR Live Equiv $125.05 - .55* Hogs: Steady-$1 LR Futures: 10-30 HR Lean Equiv $ 77.25 - .30** * 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 on Thursday with live prices averaging $102 in the South (i.e., $1 to $2 lower than last week) and dressed averaging $159 to $160 in the North ($2 to $3 lower). Although further business is possible Friday, we suspect that the week's trade has been essentially established. Steers and heifers remaining on showlists are probably priced around $103 to $104 in the South and $162 plus in the North. Live and feeder futures seem likely to open moderately lower, pressured by follow-through selling and uninspiring fundamentals.