DTN Early Word Opening Livestock 05/09 06:17
9 May 2018
DTN Early Word Opening Livestock 05/09 06:17 Meat Futures Staged to Open Moderately Higher at Midweek The cattle complex should open moderately higher, supported by follow-through buying and cash premiums. Look for lean hog contracts you also open with a firm undertone thanks to residual buying and stronger cash sales. By John Harrington DTN Analyst Cattle: Steady Futures: 50-100 HR Live Equiv: $150.05 + 0.35* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 76.30 - 0.25** * 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 buyng interest could start to improve at midweek with opening bids around $190-192 in the North and $120 in the South. Asking prices should be around $195-plus in the North and $125-plus in the South. Yet both sides will be closely monitoring the board. Further strength could work to delay significant trade volume until Thursday or Friday. Live and feeder contracts should open moderately higher thanks to follow-through buying and cash premiums.