DTN Early Word Opening Livestock 03/10 06:00
10 Mar 2017
DTN Early Word Opening Livestock 03/10 06:00 Cattle Complex Futures Set to Open Higher Live and feeder futures should open at least moderately higher, supported by follow-through buying and constructive fundamentals. On the other hand, hog paper is expected to start out no better than mixed, chopping between residual selling interest and late-week short-covering. By John Harrington DTN Livestock Analyst . Cattle: Steady/firm w/Wed Futures: 25-50 HR Live Equiv $146.08 +1.23* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 87.14 + .69** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While a few clean-up deals are certainly possible through the morning (especially in the North), it feels like the cash cattle market is essentially done for the week. Once again, tight-fisted feedlot managers and appreciating wholesale values have conspired to sell live inventory on a steady/firm basis. And once again, we exit on Friday fully expecting beef producers to price new showlists higher on Monday with a certain degree of confidence (e.g., $128 in the South; $204 plus in the North). Live and feeder futures seem staged to open moderately with the help of follow-through buying interest, cash premiums and swelling carcass value.