DTN Early Word Opening Livestock 11/10 06:13

DTN Early Word Opening Livestock 11/10 06:13 Meat Futures Staged for Firm Opening Cattle complex futures should open moderately higher, supported by follow-through buying and pre-cash short-covering. Lean hog contracts also seem ready to begin some higher Thursday, lifted by light bull-spreading and spillover buying. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures 10-30 HR Live Equiv $124.65 - .48* Hogs: Steady-$1 LR Futures:10-30 HR Lean Equiv $ 78.87 - .42** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Packer inquiry should begin to improve as short-bought cattle buyers turn more serious in strategizing over late-week procurement. Yet if asking prices of $107 plus in the South and $165 plus in the North hold, significant trade volume could certainly be postponed until sometime Friday. As nearby live futures continue to firm, the weakening basis promises to bolster feedlot resolve and bargaining power. Live and feeder contracts should open moderately higher, girded by short-covering and follow-through buying.