DTN Early Word Opening Livestock 11/24 06:07

DTN Early Word Opening Livestock 11/24 06:07 Livestock Paper to Open Moderately Higher in Post-Holiday Business Live and feeder futures should open moderately higher, supported by follow-through buying and cash stability. Lean hog contracts are also likely to sport a firm undertone in the early going thanks to late week short covering and stronger carcass value. By John Harrington DTN Livestock Analyst Cattle: Steady/firm w/Tues Futures: 50-100 HR Live Equiv $137.20 + 0.40* Hogs: Steady Futures: 50-100 HR Lean Equiv $ 87.20 + $1.11** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Given the lateness of the hour, it's difficult to say whether cattle buyers will break up the long holiday weekend by returning this morning to own more steers and heifers. Trade volume total through Wednesday looked no bigger than moderate. Yet it's possible that most packers have enough inventory in tow to get them into new week if that's the day they want to play it. We should see at least a few clean-up deals here and there. Look for opening bids around $119 in the South and $190 in the North. The balance of showlists are probably priced around $120 in the South and $192 plus in the North. Live and feeder futures seem set to open moderately higher, supported by follow-through and recent cash strength.