DTN Early Word Opening Livestock 06/23 06:04

DTN Early Word Opening Livestock 06/23 06:04 Cattle Futures Should Open Mixed as Traders Position Ahead of Cattle on Feed News Live and feeder contracts are likely to open on a mixed basis thanks to residual selling and late-week profit-taking. Lean hog futures should also open with uneven price action as specs and commercials position ahead of the weekend break. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: Mixed Live Equiv $158.36 - $1.43* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $105.01 - $1.57** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While trade volume totals look no better than moderate, we suspect cash cattle trading is done for the week. While scattered clean-up business is possible here and there, prices are unlikely to be any better than Thursday's trade (e.g., $120 live). The June 1 Cattle on Feed report will be released Friday afternoon at 2:00 p.m. CDT. Average trade guesses look like this: on feed, up 2% to 3%; placed in May, up 10% to 11%; marketed in May, up 9% to 10%. Live and feeder futures should open on a mixed basis as traders take profits, engage in further long liquidation, and position ahead of on feed news.