DTN Early Word Opening Livestock 11/04 06:00

DTN Early Word Opening Livestock 11/04 06:00 Expect Cattle Futures to Open Some Higher Thanks to Pre-Weekend Profit-Taking and the Premium Status of Feedlot Sales Live and feeder cattle futures should trade some higher in the early rounds, supported by late-week profit-taking and the premium of country business. Conversely, lean hog contracts seem set to open on a mixed basis with further bear-spreading and profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady w/Thurs Futures: 25-50 HR Live Equiv $126.86 + .49 * Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 78.42 + .83 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Generally speaking, moderate trade volume developed in several areas of cattle-feeding country on Thursday. Live deals in the South were marked at $105, fully steady with last week. Dressed sales in the North ranged from $162 to $164, and our guess is that the weighted average will turn out to be very close to a week ago. We could see clean-up business in various regions before cash traders call it a week, but price potential may be already set in stone. Steers and heifers still on showlists are priced around $108 in the South and $168 to $170 in the North. Live and feeder futures should open higher, helped by late-week short-covering and the premium status of feedlot sales.