DTN Early Word Opening Livestock 04/10 05:58

DTN Early Word Opening Livestock 04/10 05:58 Meat Futures Seem Staged to Open on a Mixed Basis Cattle futures should open moderately lower, checked by Monday's late sell-off and uninspiring fundamentals. On the other hand, look for lean hog contacts to open moderately higher, supported by follow-through buying and ideas of stronger cash and product action around the next corner. By John Harrington DTN Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv: $142.26 - .36* Hogs: Steady Futures: 50-100 HR Lean Equiv: $ 71.53 - .07** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Activity in the cash cattle market Tuesday may depend upon perceived basis opportunities. If the board keeps drifting lower, early-week packer bids near steady with last week could look relatively attractive to some risk managers. On the other hand, if the board falls sharply lower, it will be very difficult for sellers to hold cash steady. If futures dig in and work higher, significant trade volume in cattle country could be delayed until later in the week. Live and feeder futures will probably open moderately lower thanks to Monday's late sell-off and cash uncertainty.