DTN Early Word Opening Livestock 05/24 06:02

DTN Early Word Opening Livestock 05/24 06:02 Look for Lean Hog Futures to Open Wednesday With Solid Gains Hog futures seem set to open at midweek with at least moderate strength, supported by follow-through buying and appreciating carcass value. On the other hand, the cattle complex should open lower, pressured by residual selling interest and lower cutouts. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $159.96 -1.16* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 95.64 +1.59** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Assuming that cattle buyers would like procurement chores completed by Thursday night, it seems like a good bet that packer inquiry will start to take shape Wednesday. Perhaps late-morning results tied to FCE business will nudge country trading in one direction or the other. Our guess is that asking prices will start out around $136 in the South and $215 plus in the North. Live and feeder futures should open moderately lower Wednesday, initially checked by follow-through selling and eroding carcass value.