DTN Early Word Opening Livestock 11/07 05:55

DTN Early Word Opening Livestock 11/07 05:55 Lean Hog Futures Staged for Midweek Defensiveness Look for hog futures to open under pressure thanks to follow-through selling and the early-month punch of bearish fundamentals. On the other hand, live and feeder contracts should start out Wednesday with mixed price action as traders consider the true stretch of spot cash potential. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv: $143.37 +0.67* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv: $ 79.03 -0.78 * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While it's possible that the first suggestions of cash cattle trade could start to take shape sometime Wednesday, meaningful trade volume seems more likely to be delayed until Thursday or Friday. Look for a few opening bids to surface around $180 dressed in the North and $114 live in the South. Asking prices seem scattered around $182 to $185 in the North and $118 in the South. Live and feeder futures are expected to open on a mixed basis as traders patiently assess late-week cash developments.