DTN Early Word Opening Livestock 12/21 05:58

DTN Early Word Opening Livestock 12/21 05:58 Meat Futures Set to Open Mixed in Slow Pre-Holiday Business Expect cattle futures to open in a narrow range with mixed prices as traders await cash development in thin volume. Similarly, lean hog issues should begin with uneven price action tied to limited short-covering and profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv: $140.99 +.40* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: $ 75.28 + .82** * 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 Dec. 1 Cattle on Feed report turned out to be well advertised, and we don't expect much reaction from the board Friday morning. November placement was a bit larger than expected, but hardly enough to ruffle any feathers. Rather, traders will be slowly focusing on the late-week development of feedlot cash. Indeed, it doesn't seem likely with Christmas vacation close at hand that buyers and sellers will spend a great deal of time actually settling on cash terms. Asking prices should remain firm at $120 to $122 live in the South and $90 plus dressed in the North. Live and feeder futures seem staged to open narrowly mixed in slow volume.