DTN Early Word Opening Livestock 11/03 06:00

DTN Early Word Opening Livestock 11/03 06:00 Cattle Paper Likely to Open Mixed as Traders Wait for More Cash News Look for live and feeder cattle futures to open on a mixed basis thanks to a late-week combination of follow-through selling and pre-cash short-covering. Lean hog issues should also begin with uneven price action tied to the unwinding of bull spreads and late-week profit taking. By John Harrington DTN Livestock Analyst Cattle: $3-5 HR Futures: Mixed Live Equiv $137.43 + .15* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 84.51 +1.37** * 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 definitely got their feet wet on Thursday, successfully generating light to moderate trade volume in the North with sharply higher dressed bids (i.e., $192, $10 higher than last week). But there still remains a great deal of work to complete Friday, especially in the South. Expect opening bids to be around $192/$120 to $122 live in the North and $120 in the South. Asking prices should be around $195 plus in the North and $125 plus in the South. Live and feeder futures are staged to open on a mixed basis thanks to a combination of residual selling and pre-cash short-covering.