DTN Early Word Opening Livestock 11/24 06:09

DTN Early Word Opening Livestock 11/24 06:09 Cattle Paper Geared to Open Moderately Higher Live and feeder contracts seem ready to open moderately higher Tuesday morning, supported by follow-through buying and expectations of firming beef demand. Lean futures are likely to begin with mixed price action in light trade volume. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 10-30 HR Live Equiv $135.76 - 0.06* Hogs: Steady-$1 LR Futures: mixed Lean Equiv $ 76.79 - 0.84** * 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 buyer interest could slowly start to surface as early as today with short-bought packers mindful of the holiday break ahead. Yet it will be surprising if significant trade volume develops before Wednesday. Preliminary asking prices should be floated around $132-plus in the South and $200-plus in the North. Live and feeder futures should open moderately higher, lifted by residual buying interest, short-covering, and ideas of better beef demand waiting on the far side of Thanksgiving.