DTN Early Word Opening Livestock 10/31 05:53
31 Oct 2018
DTN Early Word Opening Livestock 10/31 05:53 Live and Feeder Cattle Futures Set for Moderate Opening at Midweek Look for the cattle complex to open on a mixed basis near midweek as specs and commercials position ahead of feedlot cash potential. Lean hog futures are also expected to open with uneven price action. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $141.66 +1.15* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv: $ 82.67 + .15** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Look for bids and asking prices in feedlot country to start to take shape Wednesday morning. Showlists will surely be priced $2 to $3 higher as beef producers try hard to take advantage of appreciating beef carcass value. Having said that, significant trade volume may not develop until Thursday or Friday. Live and feeder cattle futures should open on a mixed basis with light trade volume.