DTN Early Word Opening Livestock 11/22 06:20

DTN Early Word Opening Livestock 11/22 06:20 Livestock Futures Set to Open Moderately Higher Look for hog futures to open moderately higher, supported by follow-through buying and stabilizing fundamentals. The cattle complex at the CME should also trade on a firm basis in the early rounds, helped by sharply higher cut-outs and positive cash expectations. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 25-50 HR Live Equiv $124.52 + $1.41* Hogs: Steady Futures: 25-50 HR Lean Equiv $ 78.54 + 0.49** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: If packers expect to complete live cattle procurement prior to Thanksgiving, this morning may not be too early to start stirring the pot. Opening bids could start out around $106 in the South and $166-168 in the North. Asking prices will probably start out around $112 in the South and $172-174 in the North. Needless to say, a firm board and/or appreciating carcass value will continue to be significant factors in shaping feedlot resolve. Our guess is that significant trade volume will be delayed until tomorrow. Of course, cash biz could actually be postponed until Friday. At this point, our bets are on Wednesday. Expect live and feeder cattle futures to open moderately higher, supported by higher cut-outs and cash optimism.