DTN Early Word Opening Livestock 09/22 07:21

DTN Early Word Opening Livestock 09/22 07:21 Cattle and Hog Futures Staged for Mixed, Late-Week Opening Look for the cattle complex to open on a mixed basis as traders position ahead of cash and on feed news. Lean hog contracts are also set to begin with uneven action in light volume. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: mixed Live Equiv $130.40 - 0.24* Hogs: $1-2 LR Futures: mixed Lean Equiv $78.31 - $3.28** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Once again cattle buyers and sellers have reached the last business day of the week with not a hoof traded. Moderate trade volume will have to develop sometime today, perhaps not until the feedlot inventory hit the press. Packers bids are likely to begin this morning around $104-105 live and $165-168 dressed, still far below asking prices of $119 in the South and $172-174 in the North. The September on feed report is scheduled to be released this afternoon at 2:00 CDT. Average trade guesses look like thing: on feed, up 2-3 percent; placed in August, off 2-3 percent; marketed n August, up 6 percent. Live and feeder futures are staged to open on a mixed basis as traders position ahead of cash and on feed news.