DTN Early Word Opening Livestock 07/05 05:54

DTN Early Word Opening Livestock 07/05 05:54 Livestock Complex Should Open on a Mixed Basis The cattle complex should open on a mixed basis tied to residual buying and pre-cash selling. Hog futures also seem set to begin with uneven prices tied to follow-through buying and long liquidation. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv: $139.29 -.37 * Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: $ 91.15 -.85 ** * 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 buyers and sellers return for the holiday Thursday with much work still to be done before calling it a week. Opening bids should start out around $105 to $107 live and $168 to $170 dressed. Asking prices are likely to be floated around $112 live and $175 dressed. Significant trade volume could be delayed until Friday, especially if live futures display a reasonable amount of stability. Live and feeder futures should open on a mixed basis thanks to a cautious combination of follow-through buying and pre-cash long liquidation.