DTN Early Word Opening Livestock 06/08 05:56
8 Jun 2018
DTN Early Word Opening Livestock 06/08 05:56 Look for Nearby Hog Futures to Open With Decent Price Strength Lean hog contracts should open at least moderately higher, supported by short-covering and improving fundamentals. On the other hand, expect the cattle complex to open on a mixed basis as traders position ahead of cash potential. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv: $146.33 - .22* Hogs: $1-2 HR Futures: 50-100 HR Lean Equiv: $ 84.22 + .79** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Once again, the feedlot market has reached the tail end of the week with hardly a hoof traded. But look for at least moderate trade volume to develop Friday sometime between late morning and early afternoon. Opening bids should start out around $110 in the South and $180 dressed, still well below asking prices of $115 live and $185 dressed. Live and feeder futures should open on a mixed basis as specs and commercials position ahead of late-week cash news.