DTN Early Word Opening Livestock 07/24 06:00
24 Jul 2018
DTN Early Word Opening Livestock 07/24 06:00 Hog Paper to Be Pressured By Fundamentals on Opening Look for lean hog futures to open moderately lower, checked by both eroding cash sales and struggling wholesale values. On the other hand, live and feeder contracts should start out higher, supported by cash premiums and follow-through buying. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $136.09 -.19* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv: $ 85.12 -.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: Market watchers predictably anticipate another slow Tuesday with bids and asking prices poorly defined. We don't expect much definition in terms of price potential until Wednesday or Thursday. Live and feeder futures should open moderately higher, supported by cash premiums and follow-through buying.