DTN Early Word Opening Livestock 03/30 06:04

DTN Early Word Opening Livestock 03/30 06:04 Hog Futures Staged for Mixed Opening as Traders Position Ahead of Quarterly Report Look lean hog contracts to open on a mixed basis thanks to residual selling interest and pre-report short-covering. The cattle complex also seems likely to trade with mixed prices in the early going tied to both follow-through buying and long liquidation. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $146.86 - 1.69* Hogs: Steady to $1 LR Futures: Mixed Lean Equiv $ 81.60 - 1.39** * 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 market watchers could start to see more evidence of buying interest and definite bids. But if feedlot managers are determined to dig in with highest asking prices (i.e., $132 to $133 in the South; around $215 in the North), significant trade volume could easily be delayed until sometime Friday. Live and feeder futures seem likely to open with a mixed basis thanks to a combination of follow-through buying and long liquidation.