DTN Early Word Opening Livestock 07/14 05:58
14 Jul 2016
DTN Early Word Opening Livestock 07/14 05:58 Cattle Paper Set to Open With Moderate Strength Live and feeder futures should open solidly higher, supported by follow-through buying and ideas of greater cash stability. Lean hog issues seem likely to open on a mixed basis with nearbys gaining a bit on deferreds. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 HR Live Equiv $138.32 - .50* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 96.34 + .65** * 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 will start to slowly improve Thursday as packers work to cover short-term needs. Opening bids should be restated around $116 in the South and $186 to $188 in the North. Asking prices are $120 to $122 in the South and $190 to $192 in the North. It's possible that significant trade volume will be delayed until Friday. Live and feeder futures seem staged to open moderately higher, boosted by follow-through buying and the premium status of recent feedlot sales.