DTN Early Word Opening Livestock 08/07 05:55

DTN Early Word Opening Livestock 08/07 05:55 Cattle And Hog Paper Expected to Open Week With Mixed Prices Look for the cattle complex to start out mixed Monday, slowly scrambled by a combination of follow-through selling and cash premiums. Along similar lines, lean hog issues should begin with uneven price action thanks to residual buying on one hand and long liquidation on the other. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $138.04 - .70* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $101.32 - .97** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Moving into the first full marketing week of August, cattle buyers will go about their standard chores of collecting showlists Monday. We expect the new fed offering to be steady to somewhat larger than last week. The relative firmness of country sales last week and the ability of futures to rebound off extreme discounts will probably encourage beef producers to at least initially price ready steers and heifers higher (e.g., $120 to $121 in the South, $190 to $192 dressed in the North). That said, the cash trade probably won't be tested until Wednesday at the earliest. Live and feeder futures should open on a mixed basis thanks to a slow combination of spillover selling and the premium status of cash markets.