DTN Early Word Opening Livestock 11/07 05:55

DTN Early Word Opening Livestock 11/07 05:55 Livestock Paper is Expected to Open on a Mixed Basis Live and feeder cattle futures should open with uneven price action, probably featuring lower nearby contracts and higher deferred issues. Similarly, lean hog contracts should also open on a mixed basis in light trade volume. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $138.70 +1.12* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 85.45 + .17** * 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-market Tuesdays are typically yawners, and this Tuesday should be no exception. Neither bids nor asking prices should be well defined. Significant trade volume should be easily delayed until Thursday and Friday. Tight processing margins mean that packers need to sell boxes significantly higher. They got the job done Monday, but it remains to be seen if beef sales can successfully climb through the week. Live and feeder futures should open on a mixed basis Tuesday with deferred generally gaining on nearby.