DTN Early Word Opening Livestock 03/23 06:03
23 Mar 2017
DTN Early Word Opening Livestock 03/23 06:03 Look For Follow-Through Buying to Sponsor Higher Cattle Futures Opening Live and feeder contracts should open solidly higher, supported by technical buying and firm cash expectations. Conversely, lean hog issues are likely to begin with moderate price pressure. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $150.60 - .58* Hogs: Steady Futures: 25-50 LR Lean Equiv $ 84.45 -1.92** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cattle buying interest is expected to accelerated sometime Thursday and/or Friday. After Wednesday's successful internet auction, asking prices seem to be on the rise. Specifically, the FCE sold 2,195 steer and heifers at a weighted average price $133.35, up $4.96 from last week's weighted average of $128.39. Such inspiration is currently encouraging asking prices around $132 plus in the South and $217 plus in the North. Live and feeder are staged to extend Wednesday's rally, fueled by technical bullishness and potential cash strength.