DTN Early Word Opening Livestock 02/08 06:01

DTN Early Word Opening Livestock 02/08 06:01 Cattle Futures Seem Staged for Mixed Opening Look for live and feeder futures to open on a mixed basis thanks to follow-through buying on one hand and long liquidation on the other. Lean hog contracts should begin with moderate strength, supported by spillover buying, bull-spreading interest and constructive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $131.04 -1.20* Hogs: Steady-$1 HR Futures: 25-50 HR Lean Equiv $ 90.68 + .25** * 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 buyers could start fishing a little Wednesday with a few more willing to throw out some preliminary bait (bids of $116 in the South and $187 to $188 in the North). Yet the timing of significant trade volume may turn on what the board decides to do over the next several days. If futures can manage to build on Tuesday's rally, feedlot managers will be more inclined to stick with higher asking prices around $122 in the South and $192 to $194 in the North. Our guess is that meaningful cash business will be delayed until Thursday or Friday. Live and feeder futures are expected to open on a mixed basis linked to a combination of residual buying and midweek profit-taking.