DTN Early Word Opening Livestock 11/01 06:01
1 Nov 2018
DTN Early Word Opening Livestock 11/01 06:01 Look for Mixed Livestock Opening as Specs and Commercials Jockey Ahead of Late-Week Cash Potential The cattle complex should open cautiously mixed as traders monitor late-week cash promise. Lean hog issues seem likely to start out on the defensive Thursday, checked by ample supplies and the threat of inadequate pork demand. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $142.44 + .78* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: $ 81.05 -1.62** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The door on the feedlot trade seems to be narrowing. Opening bids should start out around $110to $114 live and $178 to $180 dressed. Yet bullish asking prices could easily delay significant trade volume until sometime Friday. Live and feeder futures are likely to open moderately higher, supported by appreciating carcass value and bullish technical advances.