DTN Early Word Opening Livestock 10/23 06:00
23 Oct 2017
DTN Early Word Opening Livestock 10/23 06:00 Placement News Set to Fuel Early-Week Cattle Selling Live and feeder futures are expected to open significantly lower, pressured by larger than expected September placement and long liquidation. Lean hog paper should open on a mixed basis with nearby issues better supported than deferreds. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 100-200 LR Live Equiv $134.01 + 0.40* Hogs: Steady-$1 HR Futures: mixed Lean Equiv $ 80.68 + $1.24** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Expect a typically quiet Monday, limited to the distribution of new showlists. Our guess is that ready numbers will be about steady with last week. CME officials announced 32 deliveries against spot October live, 18 new and 14 retendered (reclaimed), all at West Point. $1 Live and feeder futures are likely to open sharply lower this morning, primarily checked by the bearish placement news disclosed on Friday.