DTN Early Word Opening Livestock 06/07 05:55
7 Jun 2016
DTN Early Word Opening Livestock 06/07 05:55 Hog Futures Are Staged to Open Moderately Higher Look for lean hog contracts to open moderately higher, supported by follow-through buying and appreciating carcass value. The cattle complex seems set to begin with mixed prices tied to residual selling on one hand and cash premiums on the other. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $146.41 + 1.11* Hogs: Steady-$1 HR Futures: 25-50 HR Lean Equiv $ 92.12 + .89** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle market is likely to be a non-event Tuesday with neither bids nor asking prices well defined. Our guess is that feedlot managers will start out pricing ready steers and heifers around $132 plus in the South and $210 to $215 in the North. Significant business will probably be delayed until Thursday or Friday. Live and feeder futures are geared for a mixed opening, checked by follow-through selling and support by tall cash premiums.