DTN Early Word Opening Livestock 08/09 05:57

DTN Early Word Opening Livestock 08/09 05:57 Lean Hog Paper Staged For Mixed Opening at Midweek Expect lean hog futures to open on a mixed basis tied to uneven spreading interest and midweek profit-taking. On the other hand, the cattle complex should trade moderately lower in the early rounds thanks to residual selling interest and uncertain cash prospects. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $137.28 - .21 * Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $100.98 -2.13 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Midweek cash potential (i.e., positive or negative) has become a pretty good bet this summer. Accordingly, we won't be surprised if cash business at least gets started sometime Wednesday. Packers seem fairly short bought, but these days it's hard to tell. Opening bids should start around $115 in the South and $184 to $185 in the North. Whatever trade volume we see Wednesday, country activity is likely to stay quiet until after the FCE results are known later Wednesday. Look for asking prices to start out around $120 plus in the South and $190 plus in the North. Live and feeder futures should open moderately lower, pressured by follow-through selling and nervousness regarding late-summer fundamentals.