DTN Early Word Opening Livestock 11/30 06:00
30 Nov 2016
DTN Early Word Opening Livestock 11/30 06:00 Lean Hog Paper Set to Open Moderately Higher Look for lean hog futures to open moderately higher, supported by cash strength and follow-through buying. The cattle complex should play mixed in the early rounds, tied to a combination of residual selling and pre-cash short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: Mixed Live Equiv $126.99 + .63* Hogs: Steady-.50 HR Futures: 25-50 HR Lean Equiv 78.96 - .92** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While we could see a few initial bids in feedlot country Wednesday, significant trade still seems a remote possibility. Unless cattle futures crater even more, bullish-minded producers are likely to stick with higher asking prices around $115 in the South and $175 to $177 plus in the North. Live and feeder futures should open on a mixed basis as traders position ahead of late-week cash potential.