DTN Early Word Opening Livestock 01/10 06:22

DTN Early Word Opening Livestock 01/10 06:22 Meat Futures Set for Firm Opening Expect live and feeder cattle futures to open moderately higher, supported by follow-through buying and cash premiums. Along the same lines, lean hog contracts should resume trading with moderate strength, boosted by positive export news and improving carcass value. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 25-50 HR Live Equiv $134.78 - 0.83* Hogs: Steady-$1 HR Futures: 25-50 HR Lean Equiv $ 85.14 + 0.85** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The odds seem high this morning that bids and asking prices will remain poorly defined. Between yesterday's board rally and the recent history of board fizzles, neither side wants to commit too early. We assume that asking prices will shake out around $120 plus in the South and $192-plus in the North. Significant trade volume may not develop until Thursday or Friday. Live and feeder futures should open moderately higher, supported by residual buying interest and unusually strong basis levels.