DTN Early Word Opening Livestock 11/14 06:40

DTN Early Word Opening Livestock 11/14 06:40 Light Gains Expected Early Monday in Cattle Trade Light follow-through support is expected to develop early Monday morning as traders move back into the complex. Initial trade is likely to remain light and may focus on outside market direction through much of the morning Monday By Rick Kment DTN Analyst Cattle: Steady to $2 LR Futures: Higher Live Equiv $124.03 - 0.61* Hogs: Steady to $1 LR Futures: Mixed Lean Equiv $ 79.18 - 0.78** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light to moderate trade developed through cattle country late Friday with prices generally steady with the previous week as live prices in the South were reported at $105 per cwt, and trade in the North was reported as light to moderate at $162 to $163 per cwt. The fact that trade was delayed and unable to move market prices in either direction continues to limit the overall leverage of feedlot managers. Show lists are expected to begin larger once again with additional cattle left over from last week given the generally light movement, although totals are not yet available. But with upcoming holiday schedules quickly approaching, packer interest is expected to start slowing also. This could keep cash trade light through most of the week once again. Futures are expected to open mixed to generally higher with follow-through support developing in nearby contracts as commercial traders continue to test resistance levels in December through April contracts, although the lack of volume during early trade is expected to remain light.