DTN Early Word Opening Livestock 04/19 05:54
Hog Paper Set for Firm Opening Thanks to Follow-Through Buying and Cash
Lean hog futures should open at least moderately higher Thursday, supported
by residual buying and impressive evidence of accelerating cash strength. On
the other hand, the cattle complex seems staged to open mixed, linked to a
combination of follow-through buying and pre-cash/cattle-on-feed profit-taking.
By John Harrington
Cattle: Steady-$2 HR Futures: Mixed Live Equiv: $139.80 - .37*
Hogs: $1-2 HR Futures: Mixed Lean Equiv $ 73.34 + .25 **
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cattle buyers and sellers could do more positioning today, but unless
feedlot managers soften asking prices of $122 plus in the South and $192 plus
in the North, significant trade volume may not develop until sometime Friday.
Live and feeder futures are likely to open on a mixed basis with both
follow-through buying and pre-cash profit-taking.
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