DTN Early Word Opening Livestock 09/29 05:54
29 Sep 2015
DTN Early Word Opening Livestock 09/29 05:54 Hog Futures Geared to Open Moderately Higher Lean hog contracts are likely to open on a firm basis, supported by decent fundamentals and the non-threatening implications of the recent quarterly inventory. By John Harrington DTN Livestock Analyst Cattle: Steady to $2 LR Futures: mixed Live Equiv $144.50 - 0.73* Hogs: Steady to $1 HR Futures: 10-30 HR Lean Equiv $ 89.55 + $1.20** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While we're probably set for another lackluster Tuesday in cattle country, there are some signs that short-bought buyers may be forced to get serious earlier than normal this week. Perhaps that means significant trade could develop sometime before Friday. Asking prices are not well defined, but our guess is ready steers and heifers will be priced in the neighborhood of $133-plus in the South and $203 to $205 in the North. Live and feeder futures seem staged to open on a mixed basis tied to spillover selling and short-covering.