DTN Early Word Opening Livestock 08/03 06:03

DTN Early Word Opening Livestock 08/03 06:03 Meat Futures Geared to Open With Firm Undertone Look for the cattle complex to open at least moderately lower, supported by follow-through buying and further short-covering. Lean hog issues are also likely to begin with a firm undertone thanks to residual buying and cash premiums. By John Harrington DTN Livestock Analyst Cattle: Stdy/firm w/Wed Futures: 50-100 HR Live Equiv $138.61 - .39 * Hogs: Stdy - $1 LR Futures: 50-100 HR Lean Equiv $102.40 -1.96 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light-to-moderate feedlot sales surfaced at midweek with packer bids swinging along with volatile live and feeder futures. Accordingly, live sales ranged from $116 to $118 (i.e., $1 lower to $1 higher) with the best business done late after the board closed near session highs. Understandably, feedlot managers Thursday should be more resolute with higher asking prices (i.e., $120 in the South and $190 in the North). Opening bids are likely to be around $118 in the South and $186 to $187 in the North. Cattle contracts should open Thursday at least moderately higher, supported by follow-through buying and short-covering.