DTN Early Word Opening Livestock 09/06 06:20
6 Sep 2017
DTN Early Word Opening Livestock 09/06 06:20 Hog Futures Staged for Moderate Strength on Opening Lean hog contracts should open at least moderately higher, supported by follow-through buying and some signs of stabilizing fundamentals. The cattle complex seems set to begin with mixed price action tied to both long liquidation and short covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: mixed Live Equiv $131.31 + 0.39* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $90.32 + 0.49** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle bids and asking prices could begin to slowly develop at midweek, but significant trade volume may be delayed until Thursday or Friday. Asking prices are likely to start out around $107-plus in the South and $168-170 in the North. Live and feeder should open on a mixed basis thanks to a slow combination of long liquidation and short covering.