DTN Early Word Opening Livestock 05/03 06:21

DTN Early Word Opening Livestock 05/03 06:21 Livestock Futures Geared for Higher Opening at Midweek The cattle complex should open moderately higher, supported by bull spreading and firm cash expectations. Lean hog contracts should also begin with a firm undertone tied to technical buying and improving fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $152.34 + $2.18* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 81.21 + 0.48** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Preliminary cattle buying interest could start to surface this morning. But we suspect that traders will remain more "watchers" than "doers," and of course a big thing worth watching will be internet business as generated by the FCE. Both sides will be looking for clues regarding cash market potential. Such results may help shape asking prices. Our guess is that country asking prices will start out around $142-144 in the South and $225-plus in the North. Active trade volume will probably be delayed until Thursday or Friday. Live and feeder futures should open solidly higher thanks to follow-through buying and gas premiums.