DTN Early Word Opening Livestock 11/11 06:47

DTN Early Word Opening Livestock 11/11 06:47 Firm Gains Expected in Early Veterans Day Trade Cash cattle trade remains quiet Friday morning with additional sales needed before packers and feedlot managers call it a week. Futures trade is expected to see light volume due to the Veterans Day holiday. Many government and financial offices are closed. By Rick Kment DTN Analyst Cattle: Cash Steady-$2 LR Futures Higher Live Equiv $124.64 - 0.01* Hogs: Cash Steady-$1 LR Futures Mixed Lean Equiv $79.96 + 1.09** * 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 interest is expected to improve through the morning as packers and feedlot managers enter the home stretch with very little cash trade seen so far this week. At this point, the only cash business reported was the nearly 11,000 head of cattle sold on the Fed Cattle Exchange. This has left packers extremely short bought. Futures trade is expected to open higher with follow-through buyer support developing after the two-day rally which has sparked additional interest through nearby and deferred contracts. With Friday being a federal holiday, trade volume is expected to remain sluggish, which may leave the door open for market shifts.