DTN Early Word Opening Livestock 07/03 05:54
3 Jul 2017
DTN Early Word Opening Livestock 07/03 05:54 Lean Hog Futures Likely to Open Moderately Higher Look for hog contracts to open moderately higher, supported by follow-through buying and constructive fundamentals. On the other hand, cattle futures should open mixed with light volume. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv $149.36 -1.10* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $108.46 + .61** * 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 activity on the day before a major national holiday will be quite light and probably insignificant. Cattle feeders will start distributing new showlists but supply assessment may not be entirely completed until Wednesday. Bids and asking prices will remain poorly defined until Wednesday or Thursday. Live and feeder futures are likely to open mixed with nearbys better supported than deferreds. The CME is scheduled to close an hour earlier than normal in observation of the July Fourth celebration.