DTN Early Word Opening Livestock 04/06 06:00

DTN Early Word Opening Livestock 04/06 06:00 Cattle Futures to Open Mixed Before the Development of Late-Week Cash Live and feeder cattle futures should open on a mixed basis tied to follow-through buying and uncertain cash potential. Lean hog contracts also seem likely to open with uneven prices thanks to late-week profit-taking and ongoing trade war nervousness. By John Harrington DTN Analyst Cattle: Steady-$2 HR w/Tues Futures: Mixed Live Equiv: $143.31 -1.08* Hogs: Stdy-$1 LR Futures: Mixed Lean Equiv: $ 73.91 -1.18** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Friday's market could be quite telling. The big question is whether recovering cattle futures can be translated into better cash sales. More specifically, will feedlot managers succeed Friday in selling steers and heifers above the early-week cash test (i.e., $118 live/$188 dressed) now that live futures have rallied nearly 600 points off early session lows? Asking prices will start out around $120 plus in the South and $190 to $192 plus in the North. WTD trade volume suggests both sides need to generate a light to moderate number of sales before calling it a week. Live and feeder contracts seem set to open on a mixed basis thanks to residual buying and pre-cash long liquidation.