DTN Early Word Opening Livestock 11/21 06:41

DTN Early Word Opening Livestock 11/21 06:41 Cattle Contracts Likely to Open with Moderate Strength Live and feeder cattle futures should open the holiday-shortened week moderately higher, supported by constructive on feed news and the premium status of recent feedlot sales. Lean hog contracts are likely to open on a mixed basis thanks to short covering and light bull spreading. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: mixed Live Equiv $123.11 + 0.14* Hogs: Steady-$1 LR Futures: 25-50 LR Lean Equiv $ 78.05 + 0.74** * 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're looking out three short business days before Thanksgiving, and it's a good bet that cattle buyers and sellers will try hard to complete trading chores by Wednesday. Yet today should remain typically slow will activity involving little more than the distribution of new showlists. Our guess is that ready numbers in general will be about steady with last week. Asking prices will certainly start out higher giving the recent spendthrift behavior of packers (e.g., $110-112 in the South; $172-plus in the North). Look for live and feeder futures to open moderately higher this morning, boosted by the friendly on feed report and cash premiums.