Lean issues should open with uneven price action thanks to residual buying on one hand and long liquidation on the other. Similarly, live and feeder issues are likely to initially churn on both sides of unchanged until cash potential becomes more real.
Cattle: Steady Futures: Mixed Live Equiv: $140.03 + .43*
Hogs: Steady-$1 HR Futures: Mixed Lean Equiv: $ 66.00 + .63**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Beef packer inquiry could start to improve a bit Tuesday, but significant trade volume may be delayed until at least midweek. Initial asking prices should be around $116 to $117 in the South and $178 plus in the North. Live and feeder seem geared to open on a mixed basis as both sides assess the need to mark inventory before the Thanksgiving break.