DTN Early Word Opening Livestock 11/21 06:11

DTN Early Word Opening Livestock 11/21 06:11 Sluggish Pre-holiday Trade Expected Wednesday Limited market activity is expected Wednesday with traders focusing on squaring positions and limited market volume through the end of the week. By Rick Kment DTN Analyst Cattle: Steady Futures: Steady Live Equiv: $140.26 +0.23* Hogs: $1 Lower Futures: Mixed Lean Equiv: $ 70.57 +4.57** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cash cattle activity remains at a standstill going into Wednesday morning with packers and feedlot managers unwilling to show their hand at this point. But with both sides betting on getting business done by the end of the day, it is expected that activity through the day will be much improved. Although asking prices are still not easy to pin down, the expectation that most cattle will be priced at $117 and higher live and $178 to $180 dressed. If deals cannot be done by the end of the day, both sides will step back into the market Friday, this could significantly disrupt Black Friday plans, which may not bode well for price levels at that point. Futures trade is expected to remain mixed to mostly steady early in the session as traders seem unwilling to jump on the selling bandwagon following sharp outside market losses. Trade through the rest of the week is expected to remain sluggish.