DTN Early Word Opening Livestock 11/04 06:13
4 Nov 2015
DTN Early Word Opening Livestock 11/04 06:13 Meat Futures Set for Soft Midweek Opening The cattle complex seems likely to open moderately lower, checked by follow-through selling and uncertain fundamentals. Lean hog contracts also seem ready to remain on the defensive Wednesday morning, pressed by eroding cash and product values. By John Harrington DTN Livestock Analyst Cattle: Cash Steady-$2 HR Futures 10-30 LR Live Equiv $146.50 - $1.03* Hogs: Cash $1-$2 LR Futures 10-30 LR Lean Equiv $82.00 - $1.93** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Preliminary cattle buying interest could start to surface Wednesday morning with the slow circulation of token bids. Still, it would be surprising to see significant trade volume before Thursday or Friday. A few showlists may be priced around $142-plus in the South and $215-plus in the North. Live and feeder futures are staged to open moderately lower, pressured by residual selling and signs of softening carcass value.