DTN Early Word Opening Livestock 11/27 06:28

DTN Early Word Opening Livestock 11/27 06:28 Subdued Market Activity Expected as Thanksgiving Approaches Limited attention is expected to be placed on market activity Wednesday with upcoming holiday schedules and the weather the main focus Wednesday. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv $150.29 -0.44* Hogs: Lower Futures: Mixed Lean Equiv $87.18 -1.75** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Although limited overall activity is expected to be placed on cattle market direction and activity through most of Wednesday, cash trade will likely be still the main focus of feedlot managers and packers. Only a few cattle have been reported sold across the North Tuesday, which is still likely not enough to establish a good market trend, but the expectation is that prices may not deviate too far from last week during the holiday-shortened week. Both sides are wanting to get cattle on the books by the end of the day in order to not need to return Friday and finish business for the week. But with heavy snow amounts in many areas of the Northern cattle country already and another round of winter weather expected through the next couple of days, selling cattle may be less of a priority than cleaning bunks and lots. Given everything else going on through the week, cash business may be quick to develop as both sides may not be willing to drag the process out through the end of the week. Futures trade is expected to remain generally quiet with mixed trade likely early Wednesday. The ability for nearby contracts to regain most of last week's losses over the last two days is helping to solidify underlying market support going into the holiday weekend. Although markets will remain open Wednesday and Friday, limited long term direction is expected due to light holiday trade. Wednesday slaughter runs are expected at 117,000 head.