DTN Early Word Opening Livestock 11/14 05:59

DTN Early Word Opening Livestock 11/14 05:59 Cattle Gains Expected Early Wednesday Strong support, which developed late-day Tuesday in feeder cattle trade, will likely spark some renewed underlying support as markets open midweek. Hog futures are expected mixed in a narrow but choppy trading range. By Rick Kment DTN Analyst Cattle: Steady Futures: $1 Higher Live Equiv: $140.32 -0.85* Hogs: $1 Lower Futures: Mixed Lean Equiv: $ 75.60 -0.14** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Packer interest is expected to slowly develop through the day Wednesday following a few token bids, which developed late Tuesday at $174 to $176 dressed basis in the North, possibly setting the stage for additional market discussions. It was also reported that a handful of trade was seen in the South at $112 to $114 per cwt. But overall trade seems to be nervous given the shifts in futures trade. At this point, asking prices are generally undefined, which could leave packers focusing early-trade direction and the movement in beef values midweek. Firm buyer support in futures trade is expected to spark renewed underlying support early Wednesday, although the depth of buying activity moving into the complex will be the unanswered question going into the opening bell.