DTN Early Word Opening Livestock 11/02 06:00
2 Nov 2018
DTN Early Word Opening Livestock 11/02 06:00 Cattle Futures Set for Higher Opening Linked to Positive Cash Expectations Look for live and feeder issues to open moderately higher as specs and commercials cautiously scout for higher cash news. Lean hog contracts should open on a mixed basis with nearbys probably losing ground to deferreds. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $143.17 + .73* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: $ 80.39 -.66** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Time is running out in the cash cattle trade. Juggling bids of $178 to $180 dressed and $112 to $114 live with asking prices around $185 dressed and $117 to $118 live, traders should put together moderate to active trade volume sometime between late morning and midafternoon. Cattle paper should open moderately higher, supported by short-covering and general cash optimism.