DTN Early Word Opening Livestock 11/10 06:03

DTN Early Word Opening Livestock 11/10 06:03 Cattle Paper Seems Likely to Open Moderately Lower Live and feeder futures should open moderately lower, pressed by follow-through selling and technical concerns. Lean hogs issues are staged to play mixed in the early going, tied to residual selling on one hand and short-covering on the other. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 25-50 LR Live Equiv $144.90 + 0.14* Hogs: $1-2 LR Futures: mixed Lean Equiv $ 80.93 + $1.14** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle trade is likely to remain untested with bids and asking prices poorly defined. Such early week ambiguity and ambivalence was predictable enough, but crashing futures have made buyer and sellers confusion even worse. Significant trade volume will probably not surface until Thursday and Friday. On the other hand, packers are extremely short bought. They may be forced to shop earlier than they would like. Live and feeder futures are expected to begin moderately lower, checked by follow-through selling and technical bearishness.