DTN Early Word Opening Livestock 09/07 06:21
7 Sep 2017
DTN Early Word Opening Livestock 09/07 06:21 Hog Paper Staged to Open Moderately Lower Lean hog futures are likely to open under selling pressure linked to long liquidation and defensive fundamentals. Live and feeder contracts should open on a mixed basis tied to a combo of foliow-through buying and long liquidation. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: mixed Live Equiv $131.55 + 0.24* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv $89.13 - $1.19** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Look for the cash cattle market to take on greater shape this morning with light to moderate trade volume likely to surface today and/or tomorrow. Opening bids should start out around $102-103 in the South and $162-163 in the North. Generally speaking, asking prices are around $107 plus in the South and $166-168 in the North. Live and feeder futures seem set for a mixed opening thanks to a pre-cash combination of long liquidation and short covering.