DTN Early Word Opening Livestock 04/11 05:53
11 Apr 2017
DTN Early Word Opening Livestock 04/11 05:53 Livestock Futures Geared to Open Moderately Higher Live and feeder cattle contracts should open moderately higher, supported by residual buying and ideas of cash stability. Similarly, lean hog futures are likely to also open with a firm undertone, boosted by follow-through buying and the premium status of the cash index. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 25-50 HR Live Equiv $139.90 - .14* Hogs: Steady-$1 LR Futures: 25-50 HR Lean Equiv $ 82.06 +1.42** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Look for a typically quiet Tuesday in cattle country with both bids and asking prices poorly defined. Having said that, we expect that short-bought packers will have to shop earlier given last week's smaller trade volume totals and the need to fund relatedly large beef orders booked late month. Live and feeder futures opened moderately higher, supported by follow-through buying and further short-covering.