DTN Early Word Opening Livestock 11/17 06:25

DTN Early Word Opening Livestock 11/17 06:25 Livestock Futures Staged for Further Gains on Opening Expect live and feeder futures to open solidly higher, supported by follow-through buying, cash premiums, and technical buying. Opening strength in the lean hog trade is likely to be more moderate with follow-through buy interest checked to some degree by defensive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: 100-150 HR Live Equiv $123.24 - 0.43* Hogs: Steady-$1 LR Futures: 50-100 HR Lean Equiv $ 79.21 - 0.01** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While there was reason to believe cattle buyers came into the week short bought, we were still surprised by the midweek buying spree so aggressively on display yesterday. Once bullish news from the Fed Cattle Exchange (i.e., internet auction sales looked $1-3) higher) spread to feedlot country, trade volume quickly accelerated in most areas. Live sales in the South were marked at mostly $108-109; most dressed deals were tagged at $170. Given major country movement evident in most areas, the lions of cash business could be already done for the week.