DTN Early Word Opening Livestock 04/26 06:01
26 Apr 2017
DTN Early Word Opening Livestock 04/26 06:01 Meat Futures Staged to Open Moderately Higher The cattle complex should open higher thanks to follow-though buying and firming carcass value. Similarly, lean hog contracts seem likely to trade moderately higher in the early going with the help of spillover buying and short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $146.53 + .48 * Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 79.17 - .67** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Preliminary buying interest could start to surface in part of feedlot country at midweek. Yet significant trade volume may be delayed until Thursday or Friday. Market watchers will be focusing on Wednesday's FCE. Our guess is that showlists will be initially priced around $134 to $135 in the South and $15 plus in the North. Live and feeder futures should open moderately higher, supported by residual buying interest and cash premiums.