DTN Early Word Opening Livestock 12/20 05:53

DTN Early Word Opening Livestock 12/20 05:53 Hog Futures Should Initially Open Under Selling Pressure Tied to Troublesome Fundamentals Lean contracts are likely to open lower in the face of defensive wholesale product demand. On the other hand, the CME cattle complex seems set to open on a mixed basis as traders cautiously position ahead of the Dec. 1 Cattle on Feed report. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv: $140.59 - .35* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv: $ 74.48 -2.23** * 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 buyers and sellers could display a few more bids and asking prices Thursday morning, but significant trade volume may be postponed until sometime Friday. Though we didn't see many bids on Wednesday, a good number of ready steers and heifers seemed to be priced at $120 to $122 on a live basis. The. Dec. 1 feedlot inventory will be released Thursday at 2 p.m. (CST). Private guesses expect the on feed total to exceed last year by 2%; November placement to be down by 6% to 7%; and November marketing to be up by 1%. Look for live and feeder futures to open on a mixed basis as traders jockey ahead of cash and on feed news.