DTN Early Word Opening Livestock 11/16 06:06

DTN Early Word Opening Livestock 11/16 06:06 Meat Futures Staged to Open New Week With Mixed Prices Look for the cattle complex to open on a mixed basis, torn between follow-through selling and early week short-covering. Lean hog contracts should also begin with uneven price action thanks to residual selling on one hand and profit-taking on the other. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: mixed Live Equiv $140.31 - $1.34* Hogs: Steady Futures: mixed Lean Equiv $ 77.85 - $2.83** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Last week's cash cattle window was extremely narrow. Indeed, some feedlot managers claim it never opened at all. To be sure, Friday's business was limited to light movement in North (i.e., $195 to $202) and scattered sales in parts of Kansas (i.e., $129). Activity today will be limited to the distribution of new showlists. The new offering should be somewhat larger thanks to the addition of unsold inventory from last week. On the other hand, packers seems to be very short-bought. Live and feeder futures seem geared to open mixed tied to a combo of spillover selling and short-covering.