DTN Early Word Opening Livestock 11/09 06:10

DTN Early Word Opening Livestock 11/09 06:10 Anticipate Mixed Meat Prices in Opening Rounds The cattle complex seems set to open moderately higher, initially lifted by short-covering and follow-through buying. On the other hand, lean futures should begin with mixed price action tied to spillover selling and further bear spreading. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 10-30 HR Live Equiv $144.76 - $1.54* Hogs: $1-2 LR Futures: mixed Lean Equiv $ 79.79 - 0.50** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Whether Friday's cash trade was abbreviated by a lack of buying interest, greater feedlot resistance, or a good deal of confusion on both sides, the bottom line pointed to quite limited trade volume totals. Such a sluggish pace of business could mean that the development of cash activity this week will be forced upon a faster track. That said, activity today will be typically limited to the distribution of new showlists. Our guess is that the offering will be somewhat larger as new offerings are supplemented by a decent plate of leftovers. On the other hand, packers should go to work this week with a deeper sense of hunger than they experienced last Monday. Asking prices could start out around $140-plus in the South and $210-plus in the North. Live and feeder futures are likely to open moderately higher, supported somewhat by Friday's reversal and short-covering.