DTN Early Word Opening Livestock 11/13 05:54
Hog Paper Set to Open Moderately Higher
Lean hog futures are likely to open higher, supported by residual buying and
short-covering. Look for the cattle complex to begin with uneven price action
with nearbys gaining more ground on deferreds.
By John Harrington
DTN Livestock Analyst
Cattle: Steady-$1 LR Futures: Mixed Live Equiv: $141.17 +.56*
Hogs: Steady-$1 LR Futures: 50-100 HR Lean Equiv: $ 75.74 +.56**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
The cash cattle trade through the day should be a typical yawn-fest with
bids and asking prices poorly defined. This week's total kill is expected to
come close to 640,000 head. Live and feeder futures seem geared to open on a
mixed basis, reflecting early-week apathy and uncertainty concerning preturkey
beef demand and price potential.
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