DTN Early Word Opening Livestock 10/19 06:20
19 Oct 2017
DTN Early Word Opening Livestock 10/19 06:20 Cattle Paper to Open Moderately Higher Live and feeder futures should open moderately higher, supported by follow-through buying and pre-cash short covering. Lean hog contracts also seem set for a firm opening thanks to further cash strength and residual buying interest. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $132.40 - 0.31* Hogs: $1-2 HR Futures: 50-100 HR Lean Equiv $ 79.00 - 0.93** * 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 should slowly renew bids floated at midweek (i.e., $109-110 live; $172 dressed) If feedlot managers hang tough with higher asking prices of $112-113 in the South and $178 plus in the North, significant trade volume could be delayed until Friday. CME officials announced 13 loads retendered at $1, all at Tulia. Live and feeder futures should open moderately higher, supported by residual buying and pre-cash short covering.