DTN Early Word Opening Livestock 08/24 05:54

DTN Early Word Opening Livestock 08/24 05:54 Live & Feeder Contracts to Open Mixed, Lean Hogs to Begin With Uneven Prices Live and feeder contracts should open slowly mixed as traders position ahead of late-week cash and the release of the Aug. 1 Cattle on Feed report. Lean hog issues are also expected to begin with uneven prices thanks to spillover selling and pre-weekend short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed&Thurs Futures: Mixed Live Equiv: $141.71 + .13* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: $ 69.89 -1.05** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Trade volume across feedlot country generally looks moderate (perhaps a bit more solid in the North). We think there's plenty of room for clean-up business, but prices are not likely to be any higher than what we've seen so far (i.e., $173 dressed; $109 to $110 live). The Aug. 1 Cattle on Feed report will be released Friday at 2 p.m. CT. Average trade guesses anticipate total on feed to be up by 4% to 5%; placed in July, up 6% to 7%; and marketed in July, up about 5%. Live and feeder futures should open mixed as bulls and bears await late-week cash and on-feed news.