DTN Livestock Open: Moderate Early Strength

    The cattle complex should open with a firm undertone thanks to follow-through buying and general cash optimism. Lean hog issues should also open with a stronger tone, supported by bullish momentum and evidence of higher cash sales.

    Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv: $146.55 -.93*
    Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv: $ 83.43 -.29**
    * based on formula estimating live cattle equivalent of gross packer revenue
    ** based on formula estimating lean hog equivalent of gross packer revenue


    Although cattle buyers and sellers could find terms of compromise Thursday, something tells us we are headed toward another Friday showdown. A spread of $8 (live basis) between bids and asking prices does not exactly suggest that deal-making, asking prices should remain firm at $115 live and $183 plus dressed. Live and feeder futures should open moderately higher, supported by residual buying interest and cash market premiums.

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