DTN Early Word Opening Livestock 09/20 05:52
20 Sep 2017
DTN Early Word Opening Livestock 09/20 05:52 Hog Futures Likely to Open Under Selling Pressure Lean hog contracts should open at least moderately lower, checked by sinking cash values and defensive product demand. The cattle complex seems set to open higher thanks to follow-through buying and optimism. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 25-50 HR Live Equiv $130.83 + .09 * Hogs: $1-2 LR Futures: 50-100 LR Lean Equiv $ 81.59 -1.77 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Though feedlot country could see a few preliminary bids Wednesday, we don't expect to see enough agreement between buyers and sellers in order to generate a real market set until Thursday or Friday. Perhaps FCE business later Wednesday will give us more direction. Look for these results to be posted on the cash cattle page as soon as possible. Live and feeder futures should open moderately higher, supported by residual buying and some degree of cash optimism.