DTN Early Word Opening Livestock 08/28 05:52
28 Aug 2018
DTN Early Word Opening Livestock 08/28 05:52 Meat Futures Staged to Open Moderately Higher The cattle complex should open solidly higher, supported by residual buying and firming carcass value. Lean hog futures also seem set to open moderately higher in the early going thanks to follow-through buying and stabilizing fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 50-100 HR Live Equiv: $141.87 + .37* Hogs: Steady Futures: 50-100 HR Lean Equiv: $ 70.00 + .81** * 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 trading potential will remain in slow gear Tuesday with bids and asking prices poorly defined. Cash parameters should start to take meaningful shape by midweek. We assume both sides would like to wrap up marketing chores by Thursday in order to enjoy as long a weekend holiday as possible. Live and feeder futures should open moderately higher, girded by follow-through buying and pre-holiday short-covering.