DTN Early Word Opening Livestock 12/01 05:55

DTN Early Word Opening Livestock 12/01 05:55 Country Strength Set to Sponsor Higher Live and Feeder Opening Look for the cattle complex to open significantly higher, sparked by concrete signs of strong packer appetites. Lean hog futures should also open on a firm basis thanks to follow-through buying and more manageable supply fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: 50-100 HR Live Equiv $127.15 + .16* Hogs: Steady-$1 HR Futures: 25-50 HR Lean Equiv $ 78.39 - .57** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: In a surprisingly early show of cattle-buying interest, sharply higher feedlot sales surfaced in most areas. Generally speaking, live sales in both the North and the South were $3 to $4 higher than last week (i.e., $114 to $115). Light-dressed business was reported in parts of the North at $175, roughly $2 higher. Overall, midweek movement was light to moderate, suggesting that we should see more business Thursday and/or Friday (especially in the North). The balance of showlists are priced around $116 in the South and $176 to $178 plus in the North. Expect live and feeder futures to open significantly higher, supported by residual buying and the strengthening cash market.