DTN Early Word Opening Livestock 11/13 05:54
13 Nov 2018
DTN Early Word Opening Livestock 11/13 05:54 Hog Paper Set to Open Moderately Higher Lean hog futures are likely to open higher, supported by residual buying and short-covering. Look for the cattle complex to begin with uneven price action with nearbys gaining more ground on deferreds. By John Harrington DTN Livestock Analyst Cattle: Steady-$1 LR Futures: Mixed Live Equiv: $141.17 +.56* Hogs: Steady-$1 LR Futures: 50-100 HR Lean Equiv: $ 75.74 +.56** * 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 cash cattle trade through the day should be a typical yawn-fest with bids and asking prices poorly defined. This week's total kill is expected to come close to 640,000 head. Live and feeder futures seem geared to open on a mixed basis, reflecting early-week apathy and uncertainty concerning preturkey beef demand and price potential.