DTN Early Word Opening Livestock 10/30 05:49
30 Oct 2018
DTN Early Word Opening Livestock 10/30 05:49 Meat Futures Seem Staged to Open Moderately Higher Look for the cattle futures to open moderately higher on Tuesday morning, supported by follow-through technical buying and short-covering. Along the same lines, lean hog futures should start out on a firm basis thanks to residual buying interest evident on Monday. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $140.51 +.71* Hogs: Steady-$1 LR Futures: 50-100 HR Lean Equiv: $ 82.52 +.93** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle trade will be quiet through the day with bids and asking prices poorly defined. Indeed, it seems like a reasonable bet that significant trade volume will be delayed until Thursday or Friday. Eventually, look for feedlot managers to price showlists $1 to $3 higher than last week. Live and feeder cattle futures should open moderately higher, supported by spillover buying and cash optimism.