DTN Early Word Opening Livestock 07/23 05:56

DTN Early Word Opening Livestock 07/23 05:56 Cattle Futures Staged to Open the Week Higher The cattle complex should open at least moderately higher, supported by higher feedlot sales on Friday and general short covering. On the other hand, lean futures are likely to open under pressure tied to struggling carcass value and increasing pork production. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $136.09 - .19* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv: $ 85.91 -1.96** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Feedlot activity will be typically quiet with showlist distribution job one. Late-country trading late Friday was once again difficult to assess in terms of volume. But higher sales of $113 and $178 to $180 no doubt generated country movement at least as large as the previous week, perhaps even more. Still, we'll pass on Mandatory totals as soon as they become available later Monday morning. Look for the fed offering to be about steady with last week. Live and feeder futures should open higher thanks to cash premiums and declining slaughter.