DTN Early Word Opening Livestock 03/29 06:07

DTN Early Word Opening Livestock 03/29 06:07 Hog Futures Staged for Defensive Opening at Midweek Look for lean hog futures to open moderately lower, checked by follow-through selling and worsening carcass value. The cattle complex should begin with mixed prices as traders position ahead of the sharpening on cash market potential. By John Harrington DTN Livestock Analyst Cattle: Steady to $2 HR Futures: Mixed Live Equiv $148.55 - .28* Hogs: Steady to $1 LR Futures: 25-50 LR Lean Equiv $ 82.99 -1.51** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Besides a few scattered sales with extended terms of delivery reported in parts of the South (i.e., $125 to $126), the cash cattle trade remained at a standstill on Tuesday. Cattle buying interest could start to improve Wednesday, but if feedlot managers dig in with higher asking prices (e.g., $132 to $133 in the South and $215 in the North), significant trade volume will probably be delayed until Thursday or Friday. Live and feeder seem staged to open Wednesday on a mixed basis in light trade volume.