DTN Early Word Opening Livestock 12/03 06:03

DTN Early Word Opening Livestock 12/03 06:03 Cattle Contracts Set to Open Moderately Lower Look for live and feeder futures to open moderately higher, pressured by follow-through selling and lackluster cash expectations. Lean hog contracts should begin on a mixed basis tied to a combination of residual selling and short covering. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 10-30 LR Live Equiv $136.49 - 0.01* Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 76.57 - 0.91** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light to moderate cash trade surfaced in parts of the North yesterday with most dressed deals marked at $195 (i.e., $1.50 lower than last week's weighted average basis Nebraska). Yet most ready cattle remain on showlists with feedlot managers waiting for higher bids to develop. Opening bids should be restated this morning around $125-126 in the South and $195 in the North. Asking prices should remain around $131-plus in the South and $198-200 in the North. Live and feeder contracts are likely to open moderately lower, pressured by spillover selling and sputtering cash potential.