DTN Early Word Opening Livestock 03/07 06:04
Hog Paper to Open with Firm Undertone
Lean hog futures should begin with moderate strength, supported by spillover
buying from Thursday and the steady improvement of fundamentals. Live and
feeder cattle contracts are expected to open some lower, pressured by
follow-through selling and softer feedlot sales.
By John Harrington
DTN Livestock Analyst
Cattle: Steady-$2 HR w/Thurs Futures: 10-30 LR Live Equiv $163.33 + 0.70*
Hogs: $1 HR Futures: 10-30 HR Lean Equiv $118.26 + $1.09**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Limited trade volume totals through Thursday suggest that cattle buyers may
find it necessary to engage in light to moderate procurement today. Unsold
showlists are priced around $152 plus in the South and $140-143 in the North.
Live and feeder futures are geared to open some lower, checked by residual
selling interest and the slowing of cash momentum.
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