DTN Early Word Opening Livestock 11/27 06:21

DTN Early Word Opening Livestock 11/27 06:21 Meat Futures Set for Moderate Gains on Opening The cattle complex should open this morning generally higher, supported by short covering and cash premiums. Lean hog issues also seem staged to open with a firm undertone, boosted by follow-through buying and recovering carcass value. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 50-100 HR Live Equiv $137.75 + 0.55* Hogs: Steady Futures: 50-100 HR Lean Equiv $ 87.67 + 0.47** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Even with the full cash team finally back in town, activity in feedlot country will be limited to the distribution of new showlists. Assuming that last week's slow activity resulted in a certain number of unsold steers and heifers carried over, the late month offering could be somewhat larger than the prior week. Yet at the same time a good case can be made that cattle buyers will start out this morning closer to the knife than we've seen in several weeks. Live and feeder futures should open moderately higher, supported by short covering and cash premiums.