DTN Early Word Opening Livestock 06/07 05:50
7 Jun 2018
DTN Early Word Opening Livestock 06/07 05:50 Livestock Futures Are Staged to Open Moderately Higher The cattle complex should open with a firm undertone thanks to follow-through buying and general cash optimism. Lean hog issues should also open with a stronger tone, supported by bullish momentum and evidence of higher cash sales. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $146.55 -.93* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv: $ 83.43 -.29** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Although cattle buyers and sellers could find terms of compromise Thursday, something tells us we are headed toward another Friday showdown. A spread of $8 (live basis) between bids and asking prices does not exactly suggest that deal-making, asking prices should remain firm at $115 live and $183 plus dressed. Live and feeder futures should open moderately higher, supported by residual buying interest and cash market premiums.