DTN Early Word Opening Livestock 11/23 06:19
23 Nov 2018
DTN Early Word Opening Livestock 11/23 06:19 Cattle futures staged for higher post-holiday opening Live and feeder contracts should open higher, supported by friendly on feed numbers and follow-through buying interest. Conversely, lean hog issues should open on a mixed basis tied to residual selling interest on one hand and late-week short covering on the other. By John Harrington DTN Analyst Cattle: Steady Futures 50-100 HR Live Equiv: $140.10 + 0.50* Hogs: Steady-$1 HR Futures: mixed Lean Equiv NA** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Limited trade volume totals suggest that cattle buyers still have some work to do this week in order to supply slaughter needs for late November. Opening bids should start out around $112-114 live and $178-180 dressed. On the other hand, asking prices are likely to be restated around $116-117 in the South and $180-182 in the North. Live and feeder futures are set to open higher thanks to supportive placement data and a degree of cash optimism.