DTN Early Word Opening Livestock 08/02 06:41

DTN Early Word Opening Livestock 08/02 06:41 Meat Futures Set for Mixed Open with Cattle Contracts Higher and Hog Issues Lower Look for the cattle complex to open higher, supported by follow-through buying and midweek short covering. Lean hog contracts are expected to begin lower, pressured by residual selling and defensive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 HR Live Equiv $139.00 - 0.02* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv $104.36 - 0.84** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle buyers and sellers should make more of an effort today to mark territory with definite bids and asking prices. We anticipated initials bids around $115 in the South and $185-186 in the North. Furthermore, we assume that asking prices will start out near $120 in the South and $190 plus in the North. FCE auction results will be available later this morning, and it's possible that the internet trip could spark country biz in one way or the other. Yet FCE volume is typically light, so price action may be generally ignore, especially if futures or cut-outs look more significant. Live and feeder futures should open at least moderately higher with the help of follow-through buying and cash premiums.