DTN Early Word Opening Livestock 11/21 06:02

DTN Early Word Opening Livestock 11/21 06:02 Meat Futures Seem Staged to Open with Mixed Prices Look for cattle futures to open moderately lower, checked by follow-through selling and technical defensiveness. Lean hog contracts should open on a firm basis thanks to residual buying interest and firming carcass value. By John Harrington DTN Livestock Analyst Cattle: Steady to $2 LR Futures: 25-50 LR Live Equiv $135.72 - 0.35* Hogs: Steady to $1 LR Futures: 50-100 HR Lean Equiv $ 87.49 + $1.31** * 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 could slowly start to surface this morning, earlier than normal thanks to the need to wrap-up procurement chores before breaking for turkey on Thursday. Expect live bids to start out around $117-118, probably $3-4 below asking prices. Yet both these starting points may depend upon the board's ability to stabilize. Our guess is that significant trade volume will probably be delayed until sometime Wednesday. Live and feeder futures should open moderately lower, pressured by spillover selling and cash uncertainty.