DTN Early Word Opening Livestock 11/28 06:03

DTN Early Word Opening Livestock 11/28 06:03 Meat Futures Staged to Open New Week with Firm Prices Cattle futures seem likely to open solidly higher, supported by follow-through buying and the strengthening trend in the cash market. Lean hog contracts should open moderately higher thanks to short covering and signs of slowly improving fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $125.90 + 0.68* Hogs: Steady-.50 HR Futures: 25-50 HR Lean Equiv $ 79.10 + 0.70** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle arena will be naturally limited to the distribution of new showlists. While trade volume totals in generally seemed little better than moderate, our guess is that the new offering will be about steady with last week. Asking prices are not likely to be voice until midweek or later, but it seems like a good bet that bullish minded producers will start out thinking around $115-117 in the South and $176-178 plus in the North. Live and feeder futures should open significantly higher, bolstered by residual buying interest and ideas of further cash strength waiting in the wings.