DTN Early Word Opening Livestock 12/13 06:05

DTN Early Word Opening Livestock 12/13 06:05 Cattle Paper Set to Open With a Firm Undertone Live and feeder futures should open solidly higher, supported by follow-through buying and additional short-covering. Lean hog contracts seem staged to open moderately higher, girded by cash appreciation and constructive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 50-100 HR Live Equiv $127.18 + .81* Hogs: Steady to $1 HR Futures: 25-50 HR Lean Equiv $ 81.53 + .57** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle trade will no doubt remain in neutral Tuesday with both bids and asking prices poorly defined. Country psychology got a shot in the arm Monday when the board rolled higher with triple-digit gains. If futures manage to maintain a firm tone, significant trade volume could be delayed until Thursday or Friday as feedlot managers stand tall with higher asking prices (e.g., $115 live basis the South). Live and feeder contracts should open with decent price progress, supported by residual buying interest and additional short-covering.