DTN Early Word Opening Livestock 11/25 07:37

DTN Early Word Opening Livestock 11/25 07:37 Post-Holiday Cattle Futures Staged to Open Sharply Higher Live and feeder contracts are geared to open sharply higher as the board to catch up with substantial cash premiums. On the other hand, lean hog futures should open moderately higher, supported by spillover strength from the cattle complex and ideas of a seasonal cash hog market close at hand. By John Harrington DTN Livestock Analyst Cattle: Steady/firm w/Wed Futures: 200-300 HR Live Equiv $125.22 +0.77* Hogs: Steady Futures: 25-50 HR Lean Equiv $78.40 -.38** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Talk about a bullish cornucopia. The cash cattle market surged significantly higher on Wednesday as short bought packers scurried to gather needed live inventory before breaking for the holiday. Trade volume totals ranged from moderate to fairly active. With most live sales around $113, spot December live closed on Friday $2-$3 below the country. Our guess is that cash activity is essentially done for the week. Yet we could see a few clean-up deals with asking prices around $113 plus in the South and $175 plus in the North. Look for cattle futures to open sharply higher (possibly limit up) as the board to runs toward the case premium.