DTN Early Word Opening Livestock 11/25 06:24

DTN Early Word Opening Livestock 11/25 06:24 Livestock Futures Staged for Mixed Opening Look for cattle contracts to open on a mixed basis as traders position ahead of pre-holiday cash developments in light volume. Similarly, lean hog futures should slowly begin with a lackluster combination of residual selling and short covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: mixed Live Equiv $136.33 + 0.57* Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 78.11 + $1.32** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: If at all possible, cash cattle traders like to complete necessary business before Thanksgiving, at least enough to preclude the need of returning on Friday. We assume that's in the script for today, but you never know given markets as weird as this one. A few pens did sell in Nebraska yesterday afternoon (i.e., $195 dressed, generally steady). But for the most part, showlists remain untouched, priced around $132-plus in the South and $200-plus in the North. Look for light to moderate trade volume to surface sometime between late morning and mid afternoon. Live and feeder will probably open on a mixed basis, a slow combination of follow-through selling and short covering.