CHICAGO (Dow Jones)--A mostly firm Chicago Mercantile Exchange lean hog open is possible Wednesday on short-covering after Tuesday's futures losses and modest overnight-CME Globex hogs advances, said analysts and brokers.

Lean hog buyers may initially ignore bearish near-term fundamental factors because spot-December's expiration is still almost two months away.

Pork cutout values late Tuesday came in down $1.24 per hundredweight which sliced pork packer margins, which may at some point weigh on cash hog prices.

The Dow Jones packer margin index for Tuesday's operations was minus $0.46, compared with plus $6.70 the previous day.

Nonetheless, spot-December and nearby-February remain at bearish premiums to CME's hog index. And, February is still mildly overbought based on its Relative Strength Index conditions.

The U.S. Department of Agriculture's Iowa/Southern Minnesota weekly average hog weight item showed hogs in the region for last week at 269.1 pounds, compared with 268.9 the week before and 266.2 a year ago.

"Although week-over-week hog weights went up a bit, they've come down overall which is encouraging," a CME hog trader said. "But, kills are still big which is discouraging, so one kind of offsets the other I guess."

December's 52.00-cents Oct. 7 high serves as an area of price support. The contract is set to challenge the 52.98 100-day moving average barrier.

Also, December's 53.53 10-day moving average is a chart resistance obstacle.

February's 59.20 100-day moving average is a support area. The contract is near the 59.86 10-day moving average resistance threshold.

February's 60.00 Oct. 15 low is also a price resistance obstruction.

Pork bellies could open mixed.

Potential leftover selling from Tuesday's futures declines and that evening's steady-to-weak cash belly quotes at $64 to $68 per hundredweight are bearish market features.

However, possible short-covering and February's mildly oversold chart condition are bullish belly contract factors.

Also, traders may have a slightly bullish response to Tuesday evening's CME weekly belly storage report. The data showed a light amount of bellies removed from storage versus a small about put into freezers last year.

CME reported 100,000 pounds of bellies were taken from exchange-approved warehouses last week, compared with 95,000 pounds stored last year. The exchange quoted on-hand stocks for last week at 22.769 million pounds versus 11.577 million a year ago during the same period.

February's 79.25-cents Oct. 16 low is a level of price support. The contract's 81.50 Sep. 23 high is a price resistance level.

March's 78.00 Tuesday low is a price support mark. The contract's 79.00 Oct. 5 high is a point of price resistance.

Cattle Complex

A higher CME live cattle open is possible on potential short-covering fueled by early-week cash cattle price strength, rising boxed beef quotes and profitable beef packer margins.

Cash-basis cattle so far this week brought $84 to $85 per hundredweight versus up to $84 last week.

The federal government's Tuesday evening boxed beef data showed choice cuts up another $1.19 per hundredweight, and select items gained $0.74.

And, the latest operating margin index for beef packers was plus $14.45 per head, compared with plus $13.10 the previous day, as calculated by HedgersEdge.com.

Also, the CME late Tuesday reported 90 live cattle deliveries, 16 new and 74 retendered, against spot-October futures that will expire on Oct. 30. The deliveries were received by someone who was willing to accept them--so far, a veteran cattle trader said.

However, spot-October and nearby-December are technically overbought which might stir selling into live cattle advances. Also, some in the pit may sell as more fed cattle business is transacted at current price levels.

October's 83.99-cents 20-day moving average is a support level. The contract's 85.38 40-day moving average is a resistance area.

December's 85.88 40-day moving average is a level of support. The contract's 86.60 Monday high is an area of price resistance.

A higher feeder cattle open is likely on possible short-covering, spillover from live cattle's potential rally and steady-to-weak overnight-Chicago Board of Trade corn.

By the same token, futures' premiums to CME's eroding feeder cattle index might generate selling possible feeder cattle market upticks.

October's 94.00-cents 10-day moving average is a support floor. The contract's 94.75 20-day moving average is a resistance ceiling.

November's 94.94 20-day moving average is an area of support. The contract's 95.50 Tuesday high is a price resistance obstacle.

(To access the daily livestock market data recap report, keyword search for "Livestock Market Fundamental Data Recap.")

-By Theopolis Waters, Dow Jones Newswires; 312-559-4965; theopolis.waters@dowjones.com