DTN Early Word Opening Livestock 09/29 06:44

DTN Early Word Opening Livestock 09/29 06:44 Hog Paper to Open Lower in Response to Supply Reality Lean hog futures set to open lower, pressured by follow-through setting and Thursday's confirmation of significant herd expansion. On the other hand, look for the cattle complex to begin on a mixed basis as trade position ahead of late week cash. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: mixed Live Equiv $132.26 + 0.13* Hogs: Steady-$1 LR Futures: 50-150 LR Lean Equiv $ 77.72 - 0.19** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Assuming that at least moderate trade volume was generated in Kansas and Texas on Thursday (i.e., $108, steady money), the cash market probably starts out this morning about half baked. In other words, if the South is essentially done, the North still has plenty of cattle to sell before area feedlot managers can call it a week. Asking prices are around $108-110 in the South and $172 plus in the North. Live and feeder futures are likely to open on a mixed basis as traders await more cash news.