DTN Early Word Opening Livestock 01/02 07:21

DTN Early Word Opening Livestock 01/02 07:21 2018 to Initially Fire With Sharply Higher Cattle Prices Live and feeder futures should open sharply higher, supprted in early trading thanks to the development of greater packer spening in feedlot country late Friday. At the same time, lean hog issues seem set to open at least moderately higher tied to ideas of more managable fundamentals and spillover buying from the cattle complex. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 100-200 HR Live Equiv $136.04 + 0.76 * Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $ 83.44 + 0.13** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Off to another dalayed start, activity in cattle-feeding country Tuesday will be limited to the distribution of new showlists. We look for the early-year offering to be steady to somehat larger than last week. While cash business eventually developed right before the holiday break, it's tough at this point to guess at trade volume totals. Accordingly, we are eager to see Mandatory reports to be released later Tuesday morning. Live and feeder futures should open significantly higher, backed by bullish cash news that finally surfaced late Friday afternoon.