DTN Early Word Opening Livestock 08/28 06:06
28 Aug 2015
DTN Early Word Opening Livestock 08/28 06:06 Lean Hog Contracts Seem Geared for Lower Opening Look for the lean hog trade to open moderately lower, pressured by bear-spreading and defensive fundamentals. Cattle futures are staged to begin with a firm undertone thanks to short-covering and pre-cash positioning. By John Harrington DTN Analyst Cattle: Cash Steady Futures 10-30 HR Live Equiv $163.34 -___FCKpd___0.05* Hogs: Cash Steady$1 LR Futures 10-30 LR Lean Equiv $89.58 -$1.14** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Delayed cash cattle business will have to surface sometime today, probably between late morning and early afternoon. Opening bids should start out around $226 to $228 in the North and $143 to $144 in the South, way below asking prices of $236 in the North and $150 in the North. Live and feeder futures are expected to open moderately higher, supported by follow-through buying and pre-cash short-covering.