DTN Early Word Opening Livestock 01/11 06:17

DTN Early Word Opening Livestock 01/11 06:17 Livestock Futures Geared to Open Week With Mixed Prices The cattle complex seems staged to open on a mixed basis thanks to follow-through selling on one hand and short-covering on the other. Similarly, lean hog contracts should also begin with uneven price action as traders cautiously consider the potential of early-year fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: mixed Live Equiv $155.55 + $1.21* Hogs: Steady to $1 HR Futures: mixed Lean Equiv $74.02 + .16** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle market will typically begin in slow gear with activity limited to the distribution of new showlists. We expect the offering to be somewhat larger than last week's thanks to limited trade volume totals. On the other hand, well-margined packers should start out short bought for the same reason. Asking prices may start out around $136 plus in the South and $215 plus in the North. Live and feeder futures seem likely to open on a mixed basis tied to a combination of residual selling and short-covering.