DTN Early Word Opening Livestock 11/16 06:06

DTN Early Word Opening Livestock 11/16 06:06 Cattle Paper at Midday Likely to Open With Mixed Prices Live and feeder cattle futures should open on a mixed basis as traders await more signs of cash potential. On the other hand, look for lean hog contracts to begin moderately lower, checked by follow-through selling and supply-heavy fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $123.67 - .09 * Hogs: Steady-$1 LR Futures: 25-50 LR Lean Equiv $ 79.22 - .52 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: We could start to see a few bids in cattle country Wednesday. Packers didn't gather all that many numbers last week and should soon need to turn more serious in terms of procurement (even with a holiday-shortened slaughter week ahead). Yet if board premiums continue to move higher, asking prices around $107 to $108 in the South and $166 to $168 plus the North, significant trade volume will probably be delayed until Thursday or Friday. Live and feeder futures seems set to open on a mixed basis thanks to a slow combination of residual buying and long liquidation.