DTN Early Word Opening Livestock 06/01 05:59
1 Jun 2017
DTN Early Word Opening Livestock 06/01 05:59 Livestock Contracts to Open Solidly Higher Look for lean hog futures to open moderately higher, supported by follow-through buying and bullish technicals. Live and feeder contracts should also open on a firm basis thanks in part to residual buying interest and cash premiums. By John Harrington DTN Livestock Analyst Cattle: Steady Futures: 50-100 HR Live Equiv $159.36 - .07* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 96.30 +.87** * 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 could slowly start to improve Thursday with initial bids around $130 in the South and $208 to $209 in the North. Encouraged by the board's firming tone, feedlot managers are sticking with higher asking prices of $134 in the South and $212 plus in the North. Significant trade volume may be delayed until Friday. Live and feeder issues should open moderately higher, supported by follow-through buying interest and cash premiums.