DTN Early Word Opening Livestock 12/16 05:55
16 Dec 2016
DTN Early Word Opening Livestock 12/16 05:55 Meat Futures Staged for Late-Week Price Strength Lean hog issues are likely to open solidly higher, steeled by follow-through buying and higher carcass value. Expect the cattle complex to begin moderately higher thanks to pre-cash short-covering and better wholesale beef demand. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 25-50 HR Live Equiv $129.69 + 1.52 * Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 83.12 + 2.44 ** * 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 and sellers will be on the clock Friday as they try to agree on a workable price level necessary to generate at least moderate trade volume. Opening bids are likely to be around $108 in the South and $170 in the North. Asking prices should be restated close to $114 plus in the South and $175 plus in the North. Live and feeder futures seem likely to open moderately higher, supported by late-week short-covering and firming carcass value.