DTN Early Word Opening Livestock 12/21 05:57

DTN Early Word Opening Livestock 12/21 05:57 Meat Contracts Set for Mixed Midweek Opening Cattle futures should open narrowly mixed as a limited population of traders await both cash and on feed news. Similarly, lean hog contracts are likely to begin with uneven price action thanks to a slow combination of follow-through selling and short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $132.70 + 1.05 * Hogs: Steady Futures: Mixed Lean Equiv $ 84.18 + .39 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle buying interest should start to take shape Wednesday with a few preliminary bids around $110 in the South and $172 to $174 in the North. Our guess is that more feedlot managers will price showlists around $115 plus in the South and $178 plus in the North. Significant trade volume could easily be delayed until Thursday (though we assume both sides would like to be done before Friday). No new cattle deliveries were posted Tuesday, but 30 loads at Worthing were retendered for $2. All 30 were reclaimed. Live and feeder futures are likely to open on a mixed basis in light volume as traders cautiously position ahead of cash business, the Dec. 1 Cattle on Feed report and the Christmas recess.