DTN Early Word Opening Livestock 10/26 06:00

DTN Early Word Opening Livestock 10/26 06:00 Look for Cattle and Hog Futures Seem Set This Morning to Open With Mixed Prices The cattle complex should open on a mixed basis as traders cautiously position ahead of cash news. Hog contracts are also likely to begin with uneven price action thanks to a combo of spillover buying and profit taking. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: mixed Live Equiv $134.21 - 0.17* Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 81.53 - 0.11** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle buying interest should gradually start to improve with opening bids around $111 in the South and $175 in the North. Asking prices should be stated around $116 in the South and $180-plus in the North. Unless we see an early narrowing between bids and asking prices, significant trade volume will probably be delayed until Friday. CME officials announced on Wednesday 10 loads retendered against October at $1 (all at West Point). These 10 loaded were reclaimed. Live and feeder futures should open on a mixed basis as specs and commercial slowly position ahead of the development of cash business.