DTN Early Word Opening Livestock 01/24 05:49
24 Jan 2018
DTN Early Word Opening Livestock 01/24 05:49 Live and Feeder Futures Likely to Open With a Firm Undertone The cattle complex should open higher, supported by follow-through buying and technical enthusiasm. Lean hog issues are likely to open on a mixed basis thanks to both residual selling and short-covering. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $139.26 + .80* Hogs: Steady/Weak Futures: Mixed Lean Equiv $ 88.14 + .86** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: While we could see a few preliminary starter bids in feedlot country Wednesday, significant trade volume will probably be delayed until Thursday or Friday. Our guess is that asking prices will start out around $126 to $127 in the South and $200 plus in the North. Look for live and feeder futures to open some higher, supported by residual buying interest and encouraging technical signs.