DTN Early Word Opening Livestock 11/08 05:50
8 Nov 2017
DTN Early Word Opening Livestock 11/08 05:50 Live and Feeder Contracts Set for Firm Opening Look for the cattle complex to open moderately higher, boosted by improving fundamentals and recent cash strength. Lean hog issues should open moderately lower, pressured by follow-through selling and sagging cash sales. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv 140.32 +1.62 * Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv $86.24 + .79 ** * 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 see more cash bids tossed on the table. Opening bids should be around $123 to $124 in the South and $192 to $193 in the North. Some cattle are priced around $127 plus in the South and $195 to $200 in the North. Significant trade volume could easily be delayed until Thursday or Friday. Live and cattle are geared to open moderately higher, supported by short-covering and impressive carcass strength.