DTN Early Word Opening Livestock 03/09 05:56

DTN Early Word Opening Livestock 03/09 05:56 Live and Feeder Futures Geared for Solid Opening The cattle complex should open substantially higher, supported by greater packer spending in the country and follow-through buying. On the other hand, lean hog futures should open on a mixed basis with nearbys gaining somewhat on deferreds. By John Harrington DTN Livestock Analyst . Cattle: Steady to $2 HR Futures: 50-100 HR Live Equiv $144.85 +1.12* Hogs: Steady to $1 HR Futures: Mixed Lean Equiv $ 86.45 - .65** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Once again this week, cattle buyers wasted no time in grabbing the bull by the horns. We thought packers might stall until the second of the week before getting serious about procurement. But short-bought packers were forced to put oars in the water as early as Wednesday. Moderate trade volume surfaced in most areas. Live prices in the South were marked at mostly $124 to $125, about steady with last week. Dressed deals in the North were sealed at mostly $200 to $202, steady to $2 higher. Live and feeder futures should open solidly higher, boosted by cash market strength and residual buying interest.