DTN Early Word Opening Livestock 05/22 06:24

DTN Early Word Opening Livestock 05/22 06:24 Meat Futures Staged to Open Week with Firm Prices Look for the cattle complex to open moderately higher, supported by follow-through buying and cash premiums. Similarly, lean hog futures should also begin this morning with a firm undertone thank to bull spreading and spillover buying. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 HR Live Equiv $160.53 - 0.12* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $92.60 + 0.29** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: General Comments: Cattle feeders would love to find cash brakes this week before adjourning for the Memorial Day weekend. Needless to say, the country market over the last several weeks has been a train wreck. But the question of price stability will not be seriously addressed for several days. Activity today will be limited to the distribution of new showlists. Our guess is that ready numbers will be steady to somewhat larger. Asking prices are likely to start out around $136-138 live and $215-220 dressed. Live and feeder futures should open higher, supported by residual being interest of the premium status of the country trade.