DTN Early Word Opening Livestock 12/14 06:04
14 Dec 2016
DTN Early Word Opening Livestock 12/14 06:04 Beef Futures Set for Firm Opening at Midweek Live and feeder futures should open moderately higher, supported by follow-through buying and technical enthusiasm. Lean hog contracts are likely to begin on a mixed basis thanks to profit-taking and positioning around the expiration of spot December. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 25-50 HR Live Equiv $128.13 + .97* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 81.31 - .22** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Market watchers will start the morning still looking for the week's firm set of cattle bids and asking prices. We could see a few preliminary bids surface but really don't expect serious packer inquiry surfacing until Thursday or Friday. Our guess is that feedlot managers will price live steers and heifers around $115 or better. Live and feeder contracts seem set to open moderately higher, boosted by follow-through buying, improving cash prospects, and positive technical considerations.