DTN Early Word Opening Livestock 11/07 06:08

DTN Early Word Opening Livestock 11/07 06:08 Meat Futures Stage to Open New Week With Mixed Prices Look for cattle futures to open mixed tied to a combination of follow-through selling and early-week short-covering. Lean hog futures should also begin with uneven price action thanks to light bull-spreading and profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv $126.70 - .16* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 78.39 - .03** * 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 trade will get off to a typically slow start Monday as packers exclusively focus on the distribution of new showlists. We expect the new offering to be steady to somewhat larger, possibly inflated by last week's slow trade and carryover numbers. Our guess is that asking prices will start around $106 to $107 in the South and $166 to $168 in the North. Once again, cash prospects this week will depend a great deal on the board's ability to stabilize. Live and feeder futures are set to open on a mixed basis, linked to an early-week combination of residual selling and short-covering.