DTN Early Word Opening Livestock 12/01 05:56

DTN Early Word Opening Livestock 12/01 05:56 Livestock Futures Set for Mixed Late-Week Opening The cattle complex is likely to open on a mixed basis thanks to a combination of follow-through selling and late-week short-covering. Lean hog issues should also open with uneven price action tied to residual selling on one hand and evidence of strengthening cash on the other. By John Harrington DTN Livestock Analyst Cattle: Stdy/Frm w/Thurs Futures: Mixed Live Equiv $134.40 -1.14* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 88.75 - .05** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light to moderate fed cattle volume was generated in most areas on Thursday with the best market test evident in the South where most live deals were marked at $121 ($3 higher than last week). Business in the North seemed more hit-or-miss (some $190 dressed/$120 to $121) with a good number of feedlot managers passing packer bids. Packers should need to own more cattle before calling it a week, especially in the North. The balance of showlists are priced around $122 to $123 in the South and $195 in the North. Live and feeder futures should open on a mixed basis as traders position ahead of late-week packer spending.