DTN Early Word Opening Livestock 11/29 05:57

DTN Early Word Opening Livestock 11/29 05:57 Hog Paper Staged to Open With Firm Undertone Lean hog futures should open firmly higher, supported by follow-through buying, technical bullishness, and signs of strengthening cash. Look for the cattle complex to open moderately higher with the help of short-covering, which surfaced late Tuesday. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 25-50 HR Live Equiv $136.70 - .37* Hogs: Steady-$1 HR Futures: 50-150 HR Lean Equiv $ 87.58 - .35** * 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-buying interest could begin to show life Tuesday. Perhaps action on the FCE will spark greater thoughts of business in the country. Feedlot managers will also be watching the board before getting too excited about pricing ready steers and heifers. Our guess is that asking prices will start out around $121 to $122 in the South and $192 to $195 in the North. Significant trade volume may not surface until Thursday or Friday. Look for live and feeder futures to open some higher, girded by residual short-covering and ideas of cash market stability.