DTN Early Word Opening Livestock 02/21 05:54

DTN Early Word Opening Livestock 02/21 05:54 Meat Futures Staged to Open Moderately Higher Look for the cattle complex to open moderately higher, supported by early-week short-covering and the premium status of recent feedlot sales. Lean hog issues should also open on a firm basis thanks to follow-through buying and generally positive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 25-50 HR Live Equiv $132.01 + .45* Hogs: Steady-$1 HR Futures: 25-50 HR Lean Equiv $ 90.84 + .81** * 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 cash cattle trade should experience a typically quiet Tuesday with bids and asking prices poorly defined. Both sides will be eager to glean signs of price direction from the board, which has been locked in a relatively narrow trading range for most of the month. At this point, we assume asking prices will probably start out around $122 in the South and $192 to $194 in the North. Significant trade volume could easily be delayed until Thursday or Friday. Live and feeder futures seem set to open moderately higher, supported by early-week short-covering and cash premiums.