DTN Early Word Opening Livestock 01/26 05:56

DTN Early Word Opening Livestock 01/26 05:56 Meat Futures Should Open on the Defensive Live and feeder futures should open lower thanks to follow-through selling but could quickly turn mixed as traders position ahead of cash and on feed news. Lean hog contracts also seem likely to open on a soft basis thanks to residual selling and long liquidation. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 LR Live Equiv $139.38 - .48* Hogs: Steady/Weak Futures: 25-50 LR Lean Equiv $ 87.25 + .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: The waiting game in cattle country will probably continue a few more hours Friday before traders seriously take up the necessary chore of marketing. Indeed, it's quite possible that feedlot sales will not surface until after the release of the Jan. 1 on feed Friday afternoon at 2 a.m. CST (trade guesses: on feed, up 7% to 8%; placed in December, off 2% to 3%; marketed in December off 1% to 2%). Opening bids should be around $122 live and $193 to $194 dressed. Live and feeder futures should open moderately lower, initially pressured by residual selling and long liquidations.