DTN Early Word Opening Livestock 12/17 06:03

DTN Early Word Opening Livestock 12/17 06:03 Lean Hog Futures Likely to Open Week Moderately Defensive Hog contracts should open Monday moderately lower, initially checked by an assessment of large ready numbers and the uncertain adequacy of late-year pork demand. On the other hand, look for the cattle complex to slowly strike out with mixed prices as traders assess the potential of late-month supply and demand realities. By John Harrington DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $139.75 - .04* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv: $ 76.49 - 1.49** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Typically, activity in cattle country will be limited to the pre-holiday assessment of ready fed steer and heifer supplies. The late Friday cash trade looked light to moderate. Live sales in the South were mostly steady at $119. Dressed deals in parts of the North were marked at $188, roughly $1 higher than last week's weighted average basis Nebraska. Look for the new offering to be about steady. The bigger question may involve the exact hunger of the packers as they anticipate the disrupted holiday slaughter schedules ahead. Positively, processing margins remain very attractive. At any rate, bids, asking prices and trigger-pulling are likely to stay pretty foggy until at least midweek. Live and feeder futures seem staged to open the week in slow gear and with mixed prices.