DTN Early Word Opening Livestock 07/06 05:58
6 Jul 2017
DTN Early Word Opening Livestock 07/06 05:58 Cattle Futures Set For Opening Price Pressure Live and feeder contracts should open at least moderately lower, pressed by follow-through selling, technical bearishness, and long liquidation. Hog futures seem staged to open moderately higher, lifted by spillover buying and supportive fundamentals. By John Harrington DTN Livestock Analyst Cattle: Steady-$2 LR Futures: 50-100 LR Live Equiv $147.77 - .65* Hogs: Steady-$1 HR Futures: 50-100 HR Lean Equiv $109.95 + .09** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Light cash cattle trading developed in parts of the North on Wednesday with live sales marked at $117, which was $1.50 lower than last week's weighted average basis Nebraska. We expect trade volume to slowly expand Thursday and Friday. Look for asking prices to surface around $122 in the South and $190 to $192 plus in the North. Live and feeder futures seem likely to fall further on the opening, pressured by follow-through selling and early signs of additional cash weakness.