DTN Early Word Opening Livestock 02/15 06:25
15 Feb 2017
DTN Early Word Opening Livestock 02/15 06:25 Meat Futures Staged to Open with Firm Undertone The cattle complex seem to set to open solidly higher, supported by follow-through buying and recent feedlot premiums. Lean hog futures should also open with a firm undertone, spurred by bullish momentum and positive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$1 HR Futures: 50-100 HR Live Equiv $130.30 + 0.19* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 90.73 + 0.24** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The parameters of cash cattle potential could start to take shape this morning, though we expected the initial gap between bids and asking prices will be impossibly wide (e.g., $186-188 bid in the face in asking prices of $192-194 basis the North). Live and feeder futures seem likely to open moderately higher, boosted by spillover selling and recent cash premiums.