DTN Early Word Opening Livestock 07/13 05:56

DTN Early Word Opening Livestock 07/13 05:56 Cattle Futures Expected to be Well Supported on Opening Live and feeder cattle contracts should open substantial higher, supported by follow-through buying and technical strength. Lean hog issues seem likely to begin with moderate strength thanks to solid fundamentals and spillover buying from the cattle complex. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: 100-200 HR Live Equiv $142.25 -1.44* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $111.09 + .56** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: In a surprising display of midsummer strength, cash cattle bulls chased a moderate number of ready steers and heifers generally $2 higher on a live basis (i.e., $120). Interestingly, such cash strength flew in the face of both seasonal odds and struggling wholesale prices. Asking prices on the balance of show lists are priced around $122 in the South and $190 to $192 plus in the North. Live and feeder futures should open substantially higher Thursday thanks to follow-through buying and another aggressive round of short-covering.