DTN Early Word Opening Livestock 06/01 05:56
1 Jun 2018
DTN Early Word Opening Livestock 06/01 05:56 Meat Futures Seem Staged to Open With a Firm Undertone The cattle complex should open moderately higher, supported by evidence of cash stability and short-covering. Lean hog issues are also likely to begin with a firm undertone thanks to improving fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $147.34 - .18* Hogs: $1-2 HR Futures: 50-100 HR Lean Equiv: $ 83.41 +2.17** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light to moderate trading surfaced in parts of cattle-feeding country late Thursday (i.e.., $110 to $111, mostly $110), but short-bought packers still need to do some work in terms of procurement (especially in the North). Asking prices on unsold cattle are around $114 to $115 live and $184 plus dressed. Live and feeder futures should open moderately higher, supported in large part by signs of greater cash stability.