DTN Early Word Opening Livestock 12/22 05:46

DTN Early Word Opening Livestock 12/22 05:46 Cattle and Hog Paper to Open Mixed The cattle complex should open on a mixed basis as traders position ahead of the Dec. 1 Cattle on Feed report. Hog futures are also likely to see a cautious opening tied to uncertainty surrounding the release of the quarterly inventory. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: Mixed Live Equiv $132.64 + .49* Hogs: Steady Futures: Mixed Lean Equiv $ 82.53 + .74** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle trade seems to be done for the week with buyers and sellers free to finish last minute Christmas shopping. The board will close an hour early Friday, allowing trade to depart for the long holiday weekend as soon as possible. Yet the CME will stay open long enough to briefly mull over the implications of the Dec. 1 Cattle on Feed report set for release at 11 a.m. (CST). Average trade guesses anticipate on feed to be 6% to 7% larger, November placement to be 6% to 7% larger; and November marketing to be 3% larger. Live and feeder futures are expected to open on a mixed basis linked to a slow combination of short-covering and long liquidation.