DTN Early Word Opening Livestock 05/04 06:33

DTN Early Word Opening Livestock 05/04 06:33 Cattle Paper Set for Firm Opening Live and feeder futures are set to open moderately higher, supported by follow-through buying and recent cash strength. Lean hog contracts should start out some lower thanks to residual selling and uninspiring fundamentals. By John Harrington DTN Analyst The seasonal tendency is for June hog futures to chop around for the next couple of weeks before working higher into contract expiration.The pork carcass value quickly surrendered most of the midweek rally on Thursday, pressured by softer demand for loins, bellies, and hams. Cattle: Steady w/Thurs Futures: 50-100 HR Live Equiv: $148.47 + 0.45* Hogs: Steady Futures: 25-50 LR Lean Equiv: $ 74.36 - 0.86** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Higher bids in the South yesterday prompted decent cattle movement. Indeed, regional business may be done for the week. On the other hand, it looks like the North still has some work to do before buyers and sellers can call it a week. Asking prices in Nebraska and Iowa should be posted around $128-plus live and $200-plus dressed. Live and feeder futures should open moderately higher based on follow-through buying interests and reports of higher cash sales.