DTN Early Word Opening Livestock 10/15 06:17
15 Oct 2015
DTN Early Word Opening Livestock 10/15 06:17 Meat Futures Staged to Open Moderately Higher Live and feeder futures seem set to opening moderately higher, supported by firm cash expectations of signs of recovering beef demand. Hog paper should also open with a firm undertone, supported by surprisingly strong fall fundamentals. By John Harrington DTN Livestock Analyst Cattle: Higher Futures: 10-30 HR Live Equiv $142.64 + $1.39 Hogs: Steady Futures: 10-30 HR Lean Equiv $ 92.75 - 0.49** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle buying interest should be at least moderate Thursday morning as short-bought packers carefully examine what it will take this week to own the next round of live inventory, Some showlists are priced around $135-plus in the South. Further gains in futures and wholesale beef could starch feedlot resolve even more. Significant trade volume could easily be delayed until Friday. Live and feeder issues are likely to open moderately higher thanks to follow-through buying and cash optimism.