DTN Early Word Opening Livestock 10/14 05:56

DTN Early Word Opening Livestock 10/14 05:56 Cattle Futures Staged for Mixed, Late-Week Opening Live and feeder futures should open on a mixed basis thanks to a combination of spillover selling and late-week short covering. Lean hog contracts are also likely to open with uneven price action as traders position ahead of the weekend break. By John Harrington DTN Livestock Analyst Cattle: Steady w/Thurs Futures: Mixed Live Equiv $123.60 + .13* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 77.60 - .54* * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Given light to moderate trade volume totals generated over the last two days, cash business in feedlot business could be essentially done for the week. Yes, we could see some clean-up activity here and there. But price levels have pretty much been determined (i.e., $98 live, $153 to $154 dressed). Beef producers were helpless in applying the brakes in the cash trade this week because traders were helpless in stabilizing futures. Live and feeder contracts seem staged to open on a mixed basis this Friday, thanks to a combination of follow-through selling and late-week profit taking.