DTN Early Word Opening Livestock 03/22 06:04

DTN Early Word Opening Livestock 03/22 06:04 Cattle Futures Set to Open Moderately Higher Live and feeder contracts are expected to open moderately higher, supported by follow-through buying and large cash premiums. Look for lean hog contracts to trade moderately lower in the early going, checked by residual selling interest and lackluster fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 25-50 HR Live Equiv $151.18 + .81* Hogs: Steady Futures: 25-50 LR Lean Equiv $ 86.37 - .50** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Is the cash cattle trade set for another round of midweek magic? To be sure, Wednesdays have been close to cash heaven for nearly a month. While time will tell, the impressiveness of this recent pattern will at least encourage sellers to dig in their heels through the day with sharply higher asking prices (e.g., $130 to $131 in the South; $214 in the North). Bullish hopefuls will also be keeping an eye on the FCE internet auction. Live and feeder futures should open moderately higher, supported by follow-through buying and generally positive cash expectations.