DTN Early Word Opening Livestock 12/23 06:14
23 Dec 2015
DTN Early Word Opening Livestock 12/23 06:14 Hog Paper Staged for Mixed Open as Traders Position Ahead of Report Lean futures are likely to open slowly mixed as specs and commercials jockey ahead of Wednesday afternoon's Hogs and Pigs report. Live and feeder issues seem set to open moderately higher, supported by follow-through buying and signs of aggressive spending. By John Harrington DTN Livestock Analyst Cattle: Steady/firm w/Tues Futures: 25-50 HR Live Equiv $129.21 -.01* Hogs: Steady Futures: mixed Lean Equiv $ 75.63 -.41 ** * 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 buyers showed their hand Tuesday, jacking cash bids sharply higher with live bids mostly around $122 to $124, $5 to $7 higher than last week. Actual business was generally light in the South but barely tested in the North. Asking prices will probably start out around $126 to $127. More widespread volume is expected to surface Wednesday as both sides work hard to wrap up business before the long Christmas weekend. Look for live and feeder futures to open moderately higher, supported by residual buying interest and ideas of greater packer spending before the holiday break.