DTN Early Word Opening Livestock 03/31 06:19

DTN Early Word Opening Livestock 03/31 06:19 Hog Paper Set to Open Mixed as Traders React to Hog & Pig News Lean hog futures are likely to open on a mixed basis thanks to follow-through buying on one hand and long liquidation on the other. Live and feeder contracts should also begin with uneven price action tied to residual selling interest and late-week short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady to $2 LR Futures: 25-50 LR Live Equiv $145.58 - 1.28* Hogs: Steady to $1 LR Futures: Mixed Lean Equiv $ 80.56 - 1.04** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light-to-moderate trade volume is expected to develop in most areas of cattle feeder country as short-bought packers collect just enough live inventory to cover short-term slaughter needs. Limited business surfaced on Thursday with some live sales in Texas at $128 ($2 lower than last week) and $205 to $209 in parts of the North ($1 to $5 lower). Some deals were represented as low as $125 to $126 in the South and $202 to $205 in the North, but such discounts included extra delivery days (e.g., mid- to late April). Most showlists are still priced around $132 in the South and $213 to $215 in the North. Live and feeder contracts should also begin with uneven price action tied to residual selling interest and late-week short-covering.