DTN Early Word Opening Livestock 11/01 06:07
1 Nov 2017
DTN Early Word Opening Livestock 11/01 06:07 Look for Cattle Futures to Open at Least Moderately Higher Live and feeder futures seem staged to open moderately higher, supported by follow-through buying, technical bullishness, and appreciating carcass value. On the other hand, lean hog contracts should start out this morning on a mixed basis tied to residual buying and profit taking. By John Harrington DTN Livestock Analyst Cattle: $1-3 HR Futures: 50-100 HR Live Equiv $136.96 + $1.36* Hogs: Steady-$1 LR Futures: mixed Lean Equiv $ 83.65 - 0.03** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: We should start to see a few preliminary bids in feedlot country at midweek, though it would be quite surprising if they prove attractive enough to spark selling. Indeed, feedlot manager will be reluctant to price showlists prematurely, waiting to get a better handle on the board's full bullish stretch. Our guys is that significant trade volume will once again be delayed until sometime Friday.