DTN Early Word Opening Livestock 08/29 06:20

DTN Early Word Opening Livestock 08/29 06:20 Livestock Futures Staged for Mixed Opening Expect live and feeder cattle futures to open moderately higher, supported by follow-through buying and short covering. On the other hand, lean hog contracts should start out generally lower thanks to residual selling interest and the stubborn pattern of defensive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 HR Live Equiv $130.61 + 0.15* Hogs: $1-2 LR Futures: 50-100 LR Lean Equiv $ 91.45 - 0.31** * 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 cattle trade will probably stay grounded this morning with bids and asking prices poorly defined. While both sides will be carefully monitoring the board for suggestions of pre-holiday value, our guess is that feedlot managers will start out pricing ready steers and heifers around $108-110 in the South and $173-plus in the North. Live and feeder contracts seem set to open some higher, boosted by further short covering and cautious technical buying.