DTN Early Word Opening Livestock 11/05 06:43

DTN Early Word Opening Livestock 11/05 06:43 Mixed Trade Expected Tuesday Beef packers may tip their hand a little more Tuesday as demand remains strong. However in the hogs, packers see no need to bid higher as hog numbers remain large along with increasing weights. By Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $150.61 +1.36* Hogs: Lower Futures: Higher Lean Equiv: $ 83.60 +3.11**** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Live cattle futures made new highs for the move with December moving back to the highest level since April. An overbought market, again, meant nothing in light of strong boxed beef prices. There was virtually no cash business done Monday with bids and offers few and far between. Packers may tip their hand a little more Tuesday as they might be anxious to get business done. Demand remains strong and orders need to be filled. Futures show no sign of topping, but a price retracement could take place any time as traders may take some profits to the bank.