DTN Early Word Opening Livestock 08/02 05:44
2 Aug 2018
DTN Early Word Opening Livestock 08/02 05:44 Look for Cattle Futures to Open Moderately Higher Live and feeder contracts should open moderately higher, supported by follow-through buying and expectations of cash stability/firmness. Lean hog futures seem set to begin with mixed prices thanks to residual selling and short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 50-100 HR Live Equiv: $135.82 - .40* Hogs: $1-2 LR Futures: Mixed Lean Equiv: $ 78.92 - .18** * 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 buying interest could improve Thursday. Initial bids are likely to be restated around $110 live in the South and $174 to $177 dressed in the North. Yet if feedlot managers dig in their heels around $115 in the South and $183 plus dressed in the South, significant trade volume may be delayed until Friday. Live and feeder futures seem likely to open moderately higher thanks to residual buying energy and cash optimism.