DTN Early Word Opening Livestock 06/27 06:00
27 Jun 2018
DTN Early Word Opening Livestock 06/27 06:00 Look for Further Lean Hog Strength on Opening, Especially in the Front-End Contract Lean hog futures are geared to open moderately higher with nearbys gaining more ground on deferreds. The cattle complex should open on a mixed basis as traders jockey ahead of cash news. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv: $142.43 - .40* Hogs: Steady-$1 LR Futures: 50-100 HR Lean Equiv: $ 92.73 + .97** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Packer inquiry in cattle-feeding country could slowly start to develop at midweek. Look for initial bids around $105 live and $172 dressed. Our guess is that feedlot managers will start out pricing steers and heifers around $110 plus live and $178 plus dressed. Significant trade volume could easily be delayed until Thursday or Friday.