DTN Early Word Opening Livestock 12/29 07:13

DTN Early Word Opening Livestock 12/29 07:13 Final 2017 Session Likely to Open With Firm Livestock Prices Late-week cattle futures should open at least moderately higher Friday, supported by residual buying interest and ideas of greater packer spending in the country. Lean hog contracts are also likely to open with a firm undertone thanks to stronger carcass value and end-of-year short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $135.28 + .43 * Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $83.31 + $1.01** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Even though cattle buyers probably came into the final week of the year with a smaller shopping list, they still had some basic slaughter needs to cover. Obviously, they're running out of time to complete these limited chores. Look for light to moderate trading to surface sometime Friday late morning. Recent board strength and the softening basis have made feedlot managers tough to deal with, pricing showlists with firmer and firmer hands. Look for asking prices to be restated this morning around $124 to $125 in the South and $195 to $198 in the North. Live and feeder futures should open at least moderately higher thanks to follow-through buying and cash optimism.