DTN Early Word Opening Livestock 01/30 05:50
30 Jan 2018
DTN Early Word Opening Livestock 01/30 05:50 Live Cattle Contracts Likely to Open on Firm Basis The cattle complex should open higher, supported by cash premiums and strengthening carcass value. Lean hog issues seem geared for a mixed opening tied to slow short-covering and long liquidation. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $140.93 +1.40* Hogs: Steady to $1 HR Futures: Mixed Lean Equiv $ 87.90 + .03** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Don't expect any cash cattle business to speak of Tuesday with both buyers and sellers killing time by monitoring board action. Bids and asking prices should remain poorly defined, possibly not changing until Thursday or Friday. Feedlot managers will surely be pricing cattle higher, but exactly how much higher may depend upon the ability of the board to firm. Live and feeder futures should open higher, supported by cash premium and improving carcass value.