DTN Early Word Opening Livestock 07/19 10:01

DTN Early Word Opening Livestock 07/19 10:01 Meat Futures Set to Open Widely Mixed On one hand, cattle futures should open higher this morning, supported by follow-through buying and cash premiums. On the other hand, lean hog contracts seem likely to begin at least moderately lower, checked by discouraging fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $136.28 + .23* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv: $87.53 - $1.85** * 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 could improve this morning with initial bids renewed at $108 in the South and $170-$173 in the North. Yet, at the same time, asking prices may firm thanks to yesterday's impressive board rally. Look for most ready cattle to be priced around $115 on a live basis and $183 plus dressed. These two factors could mean that significant trade volume will be delayed until Friday. Live and feeder futures are expected to open at least moderately lower, checked by softer cash sales and struggling wholesale pork demand.