DTN Early Word Opening Livestock 12/03 06:05

DTN Early Word Opening Livestock 12/03 06:05 Feedlot Premium Sales Should Help Live Cattle Futures Open Week Higher Look for the cattle complex to open higher Monday, supported by stronger packer spending that surfaced late Friday. On the other hand, lean hog futures should open on a mixed basis, supported by board premiums and checked by uncertain late-quarter fundamentals. By John Harrington DTN Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $139.43 - .35* Hogs: Steady Futures: Mixed Lean Equiv: $ 73.94 + .65 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Monday's cash cattle trade is naturally set for another slow round of "show and tell" in feedlot country with buyers and sellers efforts limited to the assessment of new showlists. Late trade volume looked light to moderate, but it will be important to take a look at mandatory totals available near midday. Our guess at this point is that the early-month offering will be about steady with last week (possibly further limited by winter storms that blew through the weekend). Most live sales looked steady to $2 lower with a few deals marked as high as $118.50 in parts of Colorado. Live and feeder futures seem staged to open moderately higher thanks to cash premiums and short-covering.