DTN Early Word Opening Livestock 08/23 10:21

DTN Early Word Opening Livestock 08/23 10:21 Livestock Futures Seem Likely to Open on a Mixed Basis Look for the cattle complex to open with uneven pricing as traders position ahead of late-week cash business and the release of the Aug. 1 Cattle on Feed report. Lean hog futures should also open mixed thanks to light bear spreading and profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv: $141.58 + .15* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: $ 70.94 - .29** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While the cash cattle trade got started Wednesday (i.e., steady money paid mostly in the North), there's still plenty of work to do, work that should unfold over the next several days. Look for opening bids to start out around $108 on a live basis. Asking prices are expected to be restated around $113 live in Kansas and Texas. Live and feeders should open on a mixed basis Thursday as traders position ahead of further cash business and Friday's release of the monthly Cattle on Feed report.