DTN Early Word Opening Livestock 07/30 05:55

DTN Early Word Opening Livestock 07/30 05:55 Meat Futures to Launch Week With Mixed Prices The cattle complex should begin with uneven price action as feedlot premiums support nearby issues more than their deferred counterparts. Along the same lines, lean hog issues are expected to open on a mixed basis thanks to follow-through selling and short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv: $136.56 + .11* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: $ 82.02 +1.32** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light to moderate trade finally surfaced in parts of cattle-feeding country late Friday. While most of the business seemed to surface around $112 live and $176 dressed, the lateness of the hour made it very difficult to assess actual country movement. Once again, we stand to learn much when Mandatory publishes summaries later Monday. At this point, we assume the distribution of new showlists will suggest a larger fed offering, probably inflated by a number of unsold steers and heifers carried over. Live and feeder futures should open on a mixed basis with nearbys gaining on deferreds.