DTN Early Word Opening Livestock 09/08 05:33

DTN Early Word Opening Livestock 09/08 05:33 Meat Futures Likely to Open with Moderate Gains Look for the cattle complex to resume post-holiday business with modest strength in the early rounds, supported by early week short covering and the premium status of recent feedlot sales. Lean hog futures should also open this morning with a firm undertone thanks to ideas that fourth-quarter discounts have bottomed. By John Harrington DTN Analyst Cattle: Steady to $2 LR Futures: 10-30 HR Live Equiv $160.83 -0.23* Hogs: Steady to $1 LR Futures: 10-30 HR Lean Equiv $ 89.93 - 0.14** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: After three straight weeks of significant price loss, cattle feeders are hoping that the passing of Labor Day will help clean the market slate and reinstate positive fundamentals. Specific clues in that regard will be few and far between today as both sides limit efforts to the distribution of new showlists. We suspect the new offering will be about steady with last week. Initial asking prices will probably be around $145-147 in the South and $225-228 in the North. Look for live and feeder futures to open moderately higher, supported by post-holiday short covering the the premium status of recent feedlot sales.