DTN Early Word Opening Livestock 01/04 05:53
4 Jan 2018
DTN Early Word Opening Livestock 01/04 05:53 Meat Futures Staged for Firm Opening Cattle futures seem set to open higher, supported by higher cutouts and expectations of further strength in feedlot cash. Lean hog contracts should also begin Thursday with a firm undertone thanks to short-covering and improving cash sales. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 25-50 HR Live Equiv $139.76 + 1.97* Hogs: Steady-$1 HR Futures: 25-50 HR Lean Equiv $ 83.98 + .43** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Look for cattle buyers to throw a few more preliminary bids on the table Thursday. That's not to say that feedlot managers will be quick to respond to ideas and will probably be way below asking prices of $126 to $127 in the South and $200 plus in the North. Significant trade volume may be delayed until sometime Friday. Live and feeder futures are pegged to open moderately higher, supported by improving carcass values and positive cash expectation.