DTN Early Word Opening Livestock 10/24 06:06
24 Oct 2017
DTN Early Word Opening Livestock 10/24 06:06 Cattle Futures Should Open Moderately Higher Live and feeder futures should open moderately higher thanks to residual buying and recent signs of cash stability/firmness. Lean hog futures seem staged to open on a mixed basis with nearby issues losing ground to deferred. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 50-100 HR Live Equiv $133.63 - 0.38* Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 80.98 + 0.30** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash trade should remain in slow motion this morning with both bids and asking prices poorly defined, Indeed, we may not see much definition of potential develop until Thursday or Friday. CME officials announced that 18 delivery loads against spot October live were retendered for $1 in Monday (all at West Point, reclaimed). Live and feeder futures should open moderately higher, supported by short covering and follow-through buying.