DTN Early Word Opening Livestock 07/05 05:54

DTN Early Word Opening Livestock 07/05 05:54 Hog Paper Likely to Open With Firm Undertone Look for lean hog contracts to open moderately higher, supported by follow-through buying and constructive fundamentals. The cattle complex seems likely to begin on the defensive Wednesday, checked by uncertain cash and product prospects. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $148.42 - .94* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $109.86 + 1.40** * 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 placement of the July Fourth holiday, significant cattle trading could be delayed until Thursday or Friday. It may take that long for buyers and sellers to get a decent handle on the board's relative stability and the success of holiday meat clearance. Our guess is that asking prices will start out around $122 in the South and $190 to $192 plus in the North. Live and feeder futures are expected to open moderately lower, pressured by follow-through selling and the seasonal challenge of midsummer fundamentals.