DTN Early Word Opening Livestock 10/24 05:53
24 Oct 2018
DTN Early Word Opening Livestock 10/24 05:53 Cattle Complex Futures Geared to Open Moderately Lower Live and feeder contracts are expected to open under pressure, checked by cautious packer spending and the uncertainty of late October beef demand. Lean hog issues seem set to open some higher thanks to residual buying interest and midweek short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 10-30 LR Live Equiv: $138.09 + .14* Hogs: Steady-$2 LR Futures: 10-30 HR Lean Equiv: $ 82.87 - .53* * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Bids and asking prices in feedlot country should begin to take on some shape at midweek. Look for initial bids to start out around $174 in the North and $111 in the South. Yet significant trade volume may not develop until Thursday or Friday. Live and feeder futures should open moderately higher as traders wait for a greater sign of cash potential.