DTN Early Word Opening Livestock 12/20 05:54
20 Dec 2016
DTN Early Word Opening Livestock 12/20 05:54 Meat Futures Seem Staged to Open Moderately Higher The cattle complex should open higher thanks to follow-through buying and rising carcass value. Lean hog issues also seem set to begin with a firm undertone with slow volume. 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: 25-50 HR Lean Equiv $ 83.79 + .74 ** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Bids and asking prices in feedlot country are likely to remain poorly defined Tuesday morning. Our guess is that significant trade volume will be delayed until Wednesday or Thursday. CME officials said there were no new delivery intentions on Monday. However, 57 loads were retendered for $1, all at Worthing. Of this total, 12 were demand and 15 were reclaimed. Live and feeder futures should open moderately higher, supported by follow-through buying and decent late-year beef demand.