DTN Early Word Opening Livestock 06/05 06:03

DTN Early Word Opening Livestock 06/05 06:03 Look For Livestock Futures to Launch Week With Mixed Prices Nearby live cattle futures should be well supported on the opening thanks to follow-through buying and bull spreading. Lean hog contracts should also begin with uneven price action with summer issues going more ground on deferred. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $159.42 + .23* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 96.75 + .01** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash trade in cattle country should typically start out in low gear. Of course, that means activity will be limited to the distribution of new showlists. We expect ready numbers should be generally larger than last week. While feedlot managers are likely to keep their powder dry for several days, initial asking prices will probably be around $138 to $140 in the South and $220 to $222 plus in the North. Monday is first notice for spot June live cattle. Needless to say, the tall premium status of the feedlot traded essentially precludes any delivery interest. Live and feeder futures should open on a mixed basis with nearby live issues best supported by recent country business.