DTN Early Word Opening Livestock 03/09 05:55

DTN Early Word Opening Livestock 03/09 05:55 Cattle Paper Likely to Open Higher Thanks to Late-Week Short-Covering The cattle complex should open higher Friday, supported by short-covering and feedlot cash stability. Lean hog futures are likely to open lower thanks to follow-through selling and further weakness in the product trade. By John Harrington DTN Livestock Analyst Cattle: Steady w/Thursday Futures: 50-100 HR Live Equiv $149.47 + .43* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv $ 78.02 -1.72** * 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 the lion's share of cash business was transacted on Thursday, the late-week cash cattle trade should be pretty slow. Look for scattered clean-up action here and there at prices well established Thursday (i.e., $126 to $127 live; $204 to $205 dressed). Two basic factors seem to characterize this week's trade: 1) decent packer margins have worked to underpin cash stability; 2) discounted futures just didn't seem to care. Live and feeder futures should open higher, supported by late-week short-covering and relative cash strength.