DTN Early Word Opening Livestock 05/25 06:20

DTN Early Word Opening Livestock 05/25 06:20 Livestock Futures Staged to Open with Mixed Prices Look for live and feeder cattle contracts to open a mixed basis thanks to a combination of follow-through selling and short covering. Lean hog futures should also begin with mixed price action tied to light bull spreading and pre-holiday positioning. By John Harrington DTN Livestock Analyst Cattle: Stdy/wk with Wed Futures: mixed Live Equiv $159.83 + 0.13* Hogs: Steady Futures: mixed Lean Equiv $ 95.20 - 0.44** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light to moderate cattle trading developed at midweek as some producers moved to accept lower bids of $132 in the South ($2 lower than last week) and mostly $208 in the North (generally $5 lower). Our guess at this point is that packers and feedlot managers still have some work to do today before breaking for the long holiday weekend. Yet it's possible that country movement was larger than we thought, so check out mandatory summaries later this morning. However close cash players are to being done, the unsold steers and heifers remaining on showlists are probably priced around $134 in the South and $210-plus in the North. Live and feeder futures should open on a mixed basis tied to a combination of residual selling and pre holiday/on feed report short covering.