DTN Early Word Opening Livestock 05/09 08:10

DTN Early Word Opening Livestock 05/09 08:10 Meat Futures Likely to Open with Firm Undertone The cattle complex is staged to open moderately higher, supported by follow-through buying and cash premiums. Lean hog futures should also begin with a firm tone thanks to light bull spread and positive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $159.02 + $1.81* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv$ 84.26 + $1.25** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Tuesdays are typically quiet in the cash cattle world, and today should be standard fare in that regard. Indeed, we don't expect to uncover many clues regarding bids or asking prices. Regarding the later, it seems safe to assume that ready cattle will be priced at least $2-3 higher (e.g., $150 live plus on a live basis). Significant trade volume should be delayed until Wednesday or Thursday. Live and feeder futures should open solidly higher, boosted by follow-through buying and tall feedlot premiums.