DTN Early Word Opening Livestock 01/04 05:56

DTN Early Word Opening Livestock 01/04 05:56 Look for Cattle Futures to Open With Mixed Prices The cattle complex is likely to open on a mixed basis thanks to residual selling on one hand and short-covering on the other. Hog futures should resume trading Wednesday with moderately lower prices, checked by follow-through selling and softening carcass value. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $137.54 + .23* Hogs: Steady-$1 LR Futures: 25-50 LR Lean Equiv $ 85.74 -1.23** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle futures could start to throw out a few bids Wednesday (e.g., $116 in the South, $187 in the North), but we really don't expect much definition before Thursday or Friday. A few isolated trades were actually reported on Tuesday in parts of Colorado and western Nebraska at $116 to 116.50. Such limited business seem prompted by the sharp drop in spot February live and basis opportunities. Most asking prices remain firm at $120 plus in the South and $195 plus in the North. Live and feeder futures should open on a mixed basis tied to a combination of spillover selling and short-covering.