DTN Early Word Opening Livestock 01/06 06:06
6 Jan 2017
DTN Early Word Opening Livestock 01/06 06:06 Cattle Paper Set to Open Moderately Lower Live and feeder futures should open moderately lower, pressured by follow-through selling and defensive cutouts. Look for lean hog issues to start out with mixed prices thanks to both long liquidation and short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady w/Wed Futures: 25-50 LR Live Equiv $136.68 -1.16* Hogs: Steady-$1 HR Futures: Mixed Lean Equiv $ 84.77 + .26** * 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 should need to own more cattle sometime Friday, especially in the North. Look for opening bids around $187 to $188 in the North and $117 to $118 in the South. On the other hand, asking prices are likely to be restated around $120 in the South and $190 to $192 plus in the South. Live and feeder futures should open moderately lower, checked by residual selling and softening carcass value.