DTN Early Word Opening Livestock 04/12 05:53

DTN Early Word Opening Livestock 04/12 05:53 Cattle Futures Seem Staged to Open Higher Thursday on Signs of Cash Firmness The cattle complex should open solidly higher, supported by short-covering and the premium status of expected cash sales. Lean hogs are geared to begin with mixed price action in slow volume. By John Harrington DTN Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $140.89 -0.33* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 70.77 -0.71** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle buying interest should start to improve Thursday with bids moving some closer to higher asking prices of $120 in the South and $190 plus in the North. This seems to be the first time since mid-March that feedlot managers definitely smell the possibility of higher fed sales. In fact, unless the board suddenly implodes, producers may have enough confidence to dig in with firm asking prices until Friday if need be. Live and feeder futures should open at least moderately higher thanks to short-covering and cash optimism.