DTN Early Word Opening Livestock 11/02 06:13

DTN Early Word Opening Livestock 11/02 06:13 Hog Futures Staged to Launch November on the Defensive Look for lean hog contracts to open Monday morning lower, pressured by residual selling pressure and negative fundamentals. The cattle complex seems likely to begin with a mixed tone thanks to a cautious combination of short-covering and early month long liquidation. By John Harrington DTN Livestock Analyst Cattle: Cash Steady-$2 HR Futures Mixed Live Equiv $147.56 - .20* Hogs: Cash $1-$2 LR Futures .50-$1 LR Lean Equiv $ 82.57 - $2.67** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Activity in feedlot country will be typically slow as we begin a new week and month with new showlist distribution about the only thing on the docket. Given the fact that last week's trade volume was rather hit or miss, cattle buyers should start the week relatively short-bought. We expect showlists to be about steady with last week. Our guess is that preliminary asking prices will start out around $142=plus in the South and $215-plus in the North. CME officials announced only three new delivery intentions on Friday (all steers at Norfolk). Live and feeder futures seem geared for a mixed opening tied to a slow combination of follow-through selling and short-covering.