DTN Early Word Opening Livestock 05/23 06:26
23 May 2017
DTN Early Word Opening Livestock 05/23 06:26 Cattle Futures Set to Open with Moderate Strength Look for live and feeder contracts to open moderately higher, supported by follow-through buying and the premium status of recent feedlot sales. Lean hog futures should open on a mixed basis with nearbys gaining on deferred By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 HR Live Equiv $161.12 + 0.59* Hogs: Steady-$1 HR Futures: mixed. Lean Equiv $ 94.05 + $1.45** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: It should be a typically slow Tuesday in cattle country with bids and asking prices remain poorly defined. That said, we do expect business to develop relatively early this week given the long holiday weekend ahead. Our guess is that both sides will try hard to push the cash market to bed by the close of Thursday. Live and feeder futures should open moderately higher, boosted by follow-through buying and cash premiums.