DTN Early Word Opening Livestock 11/28 05:50
28 Nov 2017
DTN Early Word Opening Livestock 11/28 05:50 Cattle Futures Likely to Open on a Mixed Basis Look for live and feeder futures to open with uneven price action thanks to follow-through buying on one hand and beef demand uncertainty on the other. Lean hog issues seem set to open moderately higher, supported by follow-through buying and signs of cash stability. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: Mixed Live Equiv $137.07 - .68* Hogs: Stead-$1 LR Futures: 25-50 HR Lean Equiv $ 87.67 + .47** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: If should be a typically slow Tuesday in cattle country with neither bids nor asking prices well defined. Buying interest could start to take shape at midweek, but significant trade volume will probably be delayed until Thursday or Friday. Our guess is that asking prices will start out around $120 to $122 in the South and $192 to $195 in the North. Live and feeder futures should open on a mixed basis, linked to a combination of follow-through buying and long liquidation.