DTN Early Word Opening Livestock 11/08 06:01

DTN Early Word Opening Livestock 11/08 06:01 Hogs to Open Moderately Higher Tuesday Look for hog paper Tuesday morning to open moderately higher, boosted by follow-through buying and firming carcass value. The cattle complex should remain on the defensive in the early rounds with further price pressure tied to spillover selling and long liquidation. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 25-50 LR Live Equiv $125.98 - .72 * Hogs: Steady-$1 LR Futures: 25-50 HR Lean Equiv $ 79.35 + .96** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: More times than not, Tuesday is typically a time of do-nothing in cattle feeding country with bids and asking prices not yet well-defined. Yet some packers seem quite close to the knife, and that could mean that buying interest actually gels this week faster than normal. On the other hand, Monday's round of crashing futures could make feedlot managers shy in throwing out asking prices too. Both buyers and sellers would like to see the board stabilize. At this point, we still don't anticipate significant trade volume until the second half of the week. Live and feeder futures should open moderately lower, pressured by spillover selling and further long liquidation.