DTN Early Word Opening Livestock 12/07 06:19

DTN Early Word Opening Livestock 12/07 06:19 Cattle Complex Futures Set for Moderate Selling on Opening Live and feeder cattle contracts should open moderately lower, pressured by residual selling and beef demand concerns. Lean hog futures seem likely to open on a mixed basis tied to a combination of short covering and profit taking. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 10-30 LR Live Equiv $135.85 - $1.10* Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 78.20 - 0.35** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Feedlot country will be typically quiet as the new week begins as packers limit their efforts to the collection of new showlists. We expect that ready numbers will be generally steady with last week. Asking prices may start out around $127-plus in the South and $198-200. Today marks first notice on December live, and it will be very interesting to see what kind of delivery interest initially surfaces. Such should be a early measurement of cash confidence. Live and feeder futures seem ready to open moderately lower, pressured by follow-through selling, beef demand nervousness, and delivery concerns.