DTN Early Word Opening Livestock 06/21 05:54
21 Jun 2017
DTN Early Word Opening Livestock 06/21 05:54 Meat Futures Staged for Mixed Opening a Midweek Look for the cattle complex to begin with uneven price action thanks to short-covering and long liquidation. Lean hog futures should also open on a mixed basis, scrambled by bull spreading and profit-taking. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: Mixed Live Equiv $160.38 - $1.30* Hogs: $1-2 HR Futures: Mixed Lean Equiv $104.34 + $2.28** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: The cash cattle market should begin to take on greater definition Wednesday as bids and asking prices slowly become more definite. Both sides will be monitoring FCE results on one hand and board stability (or lack of) on the other. Opening bids should start out around $122 live/$195 dressed in the face of asking prices close to $127 plus live and $200 plus dressed. Live and feeder futures are expected to open on a mixed basis tied to short-covering and long liquidation.