DTN Early Word Opening Livestock 11/29 05:52
29 Nov 2018
DTN Early Word Opening Livestock 11/29 05:52 Livestock Paper Likely to Open on a Mixed Basis Look for cattle futures to begin with steady/firm price action as traders await to assess the size of late-week packer spending. At the same time, lean hog contracts are expected to open on a mixed basis with nearbys holding up better than deferreds. By John Harrington DTN Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv: $140.72 - .71* Hogs: Steady Futures: Mixed Lean Equiv: $ 72.59 - .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: The fed cattle trade should take on better definition Thursday. Expect bids to start out around $183 dressed in parts of Nebraska and Iowa, roughly $4 plus below area asking prices. On the other hand, live bids in the South (i.e., $116 to $117) may look promising yet remain well below asking prices of $120 or better. Live and feeder futures should open mixed as traders jockey around the possibilities of late-week cash.