DTN Early Word Opening Livestock 10/05 06:01

DTN Early Word Opening Livestock 10/05 06:01 Hog Futures Should Open Moderately Higher Lean hog contracts seem geared to open on a firm basis, supported by positive fundamentals and short-covering. The cattle complex should open mixed as traders position ahead of cash news. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $132.65 - .21* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 78.12 + .42** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Although we should see more cash toes in the water Thursday, that doesn't necessarily mean the cattle market will generate significant trade volume. Serious business could easily be delayed once again until Friday. Look for opening bids to be renewed at $106 live and $168 dressed. Asking prices should be posted around $110 plus in the South and $174 plus in the North. Believe it or not, the basis is close to normal for this time of year (i.e., spot October live about $1 over cash). Live and feeder futures seem set to open on a mixed basis as traders await clues to late-week cash.