DTN Early Word Opening Livestock 11/06 06:13

DTN Early Word Opening Livestock 11/06 06:13 Cattle Futures Searching For Additional Support The slow but steady growth continues in live cattle futures with December futures closing in on $120 per cwt. By Rick Kment DTN Livestock Analyst Cattle: Steady to Higher Futures: Mixed Live Equiv: $150.94 +0.33* Hogs: Lower Futures: Higher Lean Equiv: $ 84.35 +0.75** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Limited interest in cash cattle trade so far this week. The underlying bullish tone in cattle futures continues to spark expectations of renewed cash price support once the dust settles at the end of the week. Bids and asking prices are still hard to pin down Wednesday morning, but it is likely more cattle will be priced at higher levels before the end of the day. Active trade will probably be delayed until Thursday or Friday. But the building packer margins and continued underlying support through the entire complex will likely spark renewed resolve in feedlot managers. Futures are called mixed as traders look for additional stability at or near short-term highs seen early in the week. Although firm to moderate pressure held in feeder cattle trade Tuesday, the focus on prices well above the 40- and 100-day averages in both markets is sparking underlying buyer support. Wednesday slaughter runs are expected at 118,000 head.