DTN Early Word Opening Livestock 06/29 06:08
29 Jun 2017
DTN Early Word Opening Livestock 06/29 06:08 Cattle Futures Should Open Moderately Higher Live and feeder futures should open moderately higher, lifted by follow-through buying and short-covering. Lean hog contracts seem set to open mixed as traders position ahead of the Hogs & Pigs report. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 HR Live Equiv $152.19 - $2.32* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 109.07 + $1.23** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light to moderate trade surfaced in the northern tier of cattle feeding country. Dressed sales were mostly married at $190 to $191, $3 to $5 lower than last week. Once futures bounced higher off last week's lows, country selling interest seemed to dry up. Asking prices Thursday should start out around $122 to $123 in the South and $193 plus in the North. Live and feeder futures were moderately higher thanks to residual buying interest and short-covering.