DTN Early Word Opening Livestock 08/31 06:23

DTN Early Word Opening Livestock 08/31 06:23 Look for Hog Issues to Open Moderately Higher Hog futures seem likely to open moderately higher, supported by additional short covering and the unwinding of bear spreads. The cattle complex should also open some higher thanks to pre-cash profit taking in light volume. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: 50-100 HR Live Equiv $131.32 + 0.06* Hogs: $1 LR Futures: 50-100 HR Lean Equiv $ 89.90 - 0.32** * 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 trading developed in parts of cattle feeding country yesterday. Dressed sales in the North were mostly $3-4 lower at $165-166. Limited live biz was noted in Kansas at $105, roughly $2 lower than last week's weighted average. Opening bids this morning should start out near these same levels. Showlists are priced around $107 plus in the South and $170 plus in the North. We probably need to see at least another light to moderate round of trade volume, either today or tomorrow (possibly both). Live and feeder contracts should open some higher thanks to short covering and pre holiday positioning.