DTN Early Word Opening Livestock 12/29 06:10

DTN Early Word Opening Livestock 12/29 06:10 Lean Hog Futures Geared to Open Moderately Higher Look for the lean hog trade to open higher, spurred by follow-through buying and firming carcass value. On the other hand, the cattle complex should trade mixed in the early going tied to a combination of residual selling and impressive progress in cut-outs. By John Harrington DTN Livestock Analyst Cattle: Higher Futures: mixed Live Equiv $135.29 + $2.25* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 74.55 + 0.84* * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Look for a typically quiet Tuesday in the cash cattle arena with both bids and asking prices remaining poorly defined. Our guess is that some feedlot managers will start out pricing showlists around $132 live basis the South. Significant trade volume will probably be delayed until Wednesday or Thursday. CME officials announced on Monday no new delivery intentions and 6 retendered at $1 (all heifers at Dodge City) Live and feeder are expected to open on a mixed basis thanks to spillover selling on one hand and signs of strengthening boxed beef demand on the other.