DTN Early Word Opening Livestock 01/17 06:02

DTN Early Word Opening Livestock 01/17 06:02 Livestock Futures Likely to Open Moderately Higher Look for the cattle complex to open higher Tuesday, supported by follow-through buying and further gains in the cash market late last week. Lean hog futures should also begin with a firm undertone, sparked by positive fundamentals and wintry weather. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $131.13 + .64* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 85.80 +1.15** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Activity in feedlot country Tuesday will no doubt be limited to the distribution of new showlists. The midmonth offering could be about steady. While last week's limited movement may have caused some ready steers and heifers to be carried over, it's also possible that harsh winter weather is working to strip the finish from the country's front-end supply. Although asking prices will probably be poorly defined Tuesday, our guess is that bullish feedlots will start out thinking around $122 plus in the South and $195 plus in the North. Look for live and feeder futures to open moderately higher thanks to follow-through buying and ongoing evidence of cash strength.