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DTN Early Word Opening Livestock 01/16 06:19
Follow-Through Buying Expected
Firm support is expected to redevelop early Wednesday morning across nearby
contracts. The buyer activity seen Tuesday has sparked underlying commercial
support based on short-term demand expectations.
By Rick Kment
Cattle: Steady Futures: Higher Live Equiv: $141.10 +0.17*
Hogs: Steady to $1 Higher Futures: Mixed Lean Equiv: $ 74.91 -0.86**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Limited activity is expected in cash cattle through the first half of the
day with traders focusing on additional outside market shifts and the potential
to push futures prices higher. Packer interest remains unavailable, but should
start to improve in the next day. Asking prices are still hard to pin down with
feeders focusing on the potential moves in futures trade, in order to not leave
anything on the table at the end of the week. Futures trade is expected to
remain generally firm with follow-through gains developing in nearby contracts
as the recent support, which pushed contracts to new contract highs, is helping
to add additional underlying buyer interest. Deferred contracts remain
uncertain following the inability to sustain early Tuesday gains.
March corn is up 2.25 cents, March Chicago wheat is up 3 cents, March beans are up 5.25 cents, March meal is up $1.40, and March bean oil is up 2 points.