DTN Early Word Opening Livestock 03/14 06:08

DTN Early Word Opening Livestock 03/14 06:08 Meat Futures Geared to Open With Firm Undertone Look for lean hog futures to open higher, supported by follow-through buying and technical advances scored on Monday. Live and feeder cattle contracts should open with considerable strength with feeders probably gaining further on live cattle. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $148.74 + .55 * Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 87.79 + .48 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Given the combination of last week's larger slaughter and smaller trade volume totals, cattle buying is getting started relatively early, but our guess is that doesn't mean Tuesday. We could see a few preliminary bids and asking prices surface, but significant trade volume is not likely to surface before Wednesday or Thursday. However, there's no reason for feedlot managers to turn shy in terms of cash expectations, not the way the winning cards have been falling. Look for cattle to eventually be priced around $128 plus in the South and $204 to $205 plus in the North. Live and feeder futures should open solidly higher, supported by follow-through buying and cash premiums.