DTN Early Word Opening Livestock 07/25 05:55
25 Jul 2016
DTN Early Word Opening Livestock 07/25 05:55 Cattle Futures Expected to Open Significantly Higher Live and feeder contracts are set to open substantially higher, supported by follow-through buying and the friendly July 1 Cattle on Feed report released on Friday. Lean hog issues should start out moderately higher Monday with early buying encouraged spillover support from Friday and oversold charts. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-150 HR Live Equiv $134.70 - .26* Hogs: Steady-$1 LR Futures: 25-50 HR Lean Equiv $ 94.03 - .42** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Feedlot country will be typically quiet Monday with activity limited to the distribution of new showlists. We expect the late-month offering to be about steady with last week. Look for asking prices to start out around $117 to $118 in the South and $190 plus in the North. Live and feeder futures should open significantly higher, boosted by follow-through buying and smaller-than-expected June placement.