DTN Early Word Opening Livestock 11/06 06:16

DTN Early Word Opening Livestock 11/06 06:16 Cattle Futures Expected to Open Moderately Higher Live and feeder contracts should open at least moderately higher, supported by follow-through buying, technical strength and ideas of positive cash momentum. Lean hog issues seem set to begin on a mixed basis Monday thanks to a combination of residual selling and short-covering in the face of cash premiums. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $137.58 + .15* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 85.28 + .77** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Feedlot country should be typically slow Monday as cattle buyers limit their efforts to the gathering of new showlists. We expect the supply of ready steers and heifers to be steady to somewhat larger than last week. Asking prices will no doubt be sharply higher eventually, but perhaps not until midweek or later. Live and feeder futures are primed to open moderately higher, supported by follow-through buying and early-week cash optimism.