DTN Early Word Opening Livestock 11/02 05:56
2 Nov 2017
DTN Early Word Opening Livestock 11/02 05:56 Cattle Futures Geared to Open on Firm Basis Live and feeder futures should open moderately higher thanks to residual buying energy and cash optimism. Lean hog issues are likely to start out mixed Thursday thanks to a combination of spillover support from the cattle complex and profit-taking. By John Harrington DTN Livestock Analyst Cattle: $1-3 HR Futures: 50-100 HR Live Equiv $137.28 + .32* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 83.14 - .51** * 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-market watchers should start to be better defined Thursday, both in terms of bids and asking prices. Our guess is that asking price will start out around $122 to $124 plus on a live basis and $195 to $200 plus dressed. Yet given such large board premiums, bullish feedlot managers may be tough to shake from the trees. That could mean we're set for another late Friday trade. Live and feeder futures should open moderately higher, supported by follow-through buying, technical bullishness and ideas of stronger cash sales ahead.