DTN Early Word Opening Livestock 09/16 06:03
16 Sep 2015
DTN Early Word Opening Livestock 09/16 06:03 Hog Paper Set to Open Higher Lean hog contracts should open moderately higher, supported by follow-through buying and cash premiums. Expect the cattle complex to begin with mixed prices tied to spillover selling and midweek short-covering. By John Harrington DTN Analyst Cattle: Steady to $2 LR Futures: Mixed Live Equiv $157.37 - .73* Hogs: Steady to $1 HR Futures: 10-30 HR Lean Equiv $ 88.58 - .83** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle buyers could start to float a few preliminary bids this morning, but don't look for anything terribly tempting to feedlot manager who should price showlists around $143 to $144 in the South and $223 to $225 in the North. Significant trade volume will probably not surface until Thursday or Friday. Live and feeder futures are set for a mixed opening thanks to residual selling on one hand and short-covering on the other.