DTN Early Word Opening Livestock 01/11 05:57

DTN Early Word Opening Livestock 01/11 05:57 Red Hot Cattle Futures Staged For Firm Opening Expect the cattle complex to open with follow-through strength thanks to technical buying and rising cash prospects. Lean hog contracts should also start out moderately higher, supported by higher country sales and spillover support from cattle futures. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 25-50 HR Live Equiv $132.78 - 2.00* Hogs: Steady-$1 HR Futures: 25-50 HR Lean Equiv $ 83.50 - 1.64** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Bullish cash expectations among cattle feeders have certainly been cranked up in recent days by exploding live and feeder futures. We could start to see a few preliminary bids Wednesday, but they will surely be well under higher asking prices. Our guess is that ready steers and heifers will be priced around $120 to $122 plus in the South and $195 plus in the North. Look for futures to open at least moderately higher, supported by follow-through buying and firm cash expectations.