DTN Early Word Opening Livestock 12/14 05:37

DTN Early Word Opening Livestock       12/14 05:37
   Cattle Paper Open Mixed Tied to Uncertain Friday Cash Magic

   Live and feeder contracts are likely to open cautiously mixed as traders
consider the likelihood of late-week cash strength. Lean hog issues should also
begin with uneven price action as spot December prepares to expire.

By John Harrington
DTN Analyst

Cattle: Steady-$2 HR   Futures mixed.   Live Equiv: $139.79 - 0.23*
Hogs:   Steady         Futures: mixed   Lean Equiv $77.98 +0.73**

* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue


   Cattle traders have arrived back on a Friday with cash business undecided.
Look for that question to be answered by late this afternoon. If recent history
provides a reliable clue, the fed market will print. closer to asking prices
($121-122/$190) than bids ($115/$185-187). But time wiill tell. Live and feeder
futures should open on a mixed basis thanks to a combo of short covering and
slow long liquidation as traders position ahead of actual cash news.