DTN Early Word Opening Livestock 04/06 06:01
6 Apr 2017
DTN Early Word Opening Livestock 04/06 06:01 Cattle Paper Set to Open Moderately Higher Live and feeder futures seem likely to open moderately higher, cautiously supported by short-covering and the persistence of cash premiums. Lean hog contracts should begin with mixed prices thanks to a slow combination of long liquidation and short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 25-50 HR Live Equiv $141.71 - .76* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 80.25 - .63** * 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 general impasse at the internet auction Wednesday bore sure witness to the strong determination of both cattle buyers and sellers. Still, we are picking out some signs of less ambitious asking prices (e.g., $128 on the South; $205 to $207 in the North). Look for fairly active trade to surface late Thursday or sometime Friday. Live and feeder futures should open moderately higher, supported by follow-through buying and pre-cash short-covering.